Senate Passes Bailout!

The Senate voted 74 – 25 to pass its own version of the $700 Billion Bailout Bill.

As we reported earlier the Senate Bill is a modfied version of the Hanke-Panke plan, it includes unlimited borrowing from the federal treasury for the FDIC and increases from $100,000 to $250,000 the amount per depositor which is insured by the FDIC. They’ve also piled on some further AMT protection, tax breaks for alternative fuels and research and development and some unrelated nonesense about health insurance coverage for substance abuse and mental health treatment. The media is calling these additional measures “sweeteners” which is an accurate discriptor if pig fat tastes sweet to you. The Wall Street Journal lays it out here, or if you have nothing else going on tonight WSJ has the full text of the bill here.

Apparently this thing must be pretty important because Presidential candidates John McCain and Barack Obama showed up to vote for the bill. McCain and Obama are Nos. 1 and 3 on the votes missed list

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