Senate passes bailout package

U.S Senate approved the $700 billion bailout package by a wide margin . 74 senators voted for the bill while 25 voted against.

Two days after the rejection of the bailout plan in the house, U S Senate on Thursday passed the revised $700 billion package. The earlier plan was modified by adding several sweeteners like tax breaks and other benefits.

The major changes brought in the bill after the rejection in the house include raising the FDIC insurance cap to $250,000 from the present $100,000 and a number of renewable energy tax breaks for individuals and businesses. Both the Presidential candidates, Barack Obama, from Illinois, and John McCain, from Arizona, voted in favor of the bill.

It is expected that the changes made in the bill will help garner support from the Republicans who had voted overwhelmingly against the bill in the house on Monday. The house takes up the bill on Friday.