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Message: Senate Approves Bailout!!

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Senate Approves Bailout!! Report

in response to Senate Approves Bailout!! by Shifty5

posted on Oct 01, 08 06:15PM

Senate approves bailout plan for financial markets

By Robert Schroeder

Last update: 9:42 p.m. EDT Oct. 1, 2008

WASHINGTON (MarketWatch) -- The Senate approved a revised $700 billion U.S. plan to stabilize the financial industry on Wednesday night, just two days after the House defied President Bush and the leaders of both political parties and shot the original package down. Senators authorized the Treasury Secretary to buy bad assets off of companies' books, allowed the FDIC to raise its deposit-insurance cap to $250,000 from $100,000, extended several tax breaks and required government agencies to modify troubled mortgages. A vote in the House vote is expected on Friday.

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