Bailout Package Passed by Senate

From the Financial Post….

The U.S. Senate passed a revised US$700-billion U.S. financial bailout plan Wednesday night by a vote of 74 to 25.

The Senate had called the emergency vote after a rejection by the House of Representatives Monday sent world markets into a free fall.

Congressional leaders had added two sweeteners to the bill - a tax cut and extended federal protection for bank deposits - with the expectation it would sail through the Senate and then return to the House for an up-or-down vote.

The House is expected to vote on Friday, and the revisions make it much more likely to pass, the White House said Wednesday.