The Senate has passed their version of the Bailout Bill with a vote of 74-25. McCain, Obama, and Biden all voted "yes." The Senate burned the midnight oil tonight, voting on a new version of the Bailout that failed the House earlier this week. The version they considered is much beefier than the original. The main differences between the bill that failed the House and the one the Senate considered are as follows:
- Raises the FDIC Cap to $250,000.
- Tax breaks for individuals.
- Tax breaks for business included spending on alternative energy.
To see what else the bill will do, according to the Senate Banking Committee and what's next,
- Allow Treasury Secretary Henry Paulson to buy up to $700 billion in bad mortgage-related securities and other bad assets.
- Allow the Treasury Department to modify mortgage terms to help homeowners avoid foreclosure.
- Permit the government to receive equity in companies it helps so taxpayers get a share of any future profits.
- Restrict executive pay for companies aided by the program.
- Create an independent oversight board to oversee the Treasury Department program.
It still remains unclear if the Senate additions will jeopardize its passage in the House where another vote is expected Friday, though members are hopeful.