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Senate passes bailout bill

John McCain, Barack Obama, and Joe Biden voted with 71 senators to pass the $700 billion bailout bill that would allow the government to buy troubled securities, The New York Times reports.

The bill included $150 billion in tax breaks for individuals and businesses and increased the amount covered by the Federal Deposit Insurance Corporation from $100,000 to $250,000. The bill was also attached to legislation requiring insurers to treat mental health conditions similar to general health problems, The Times reports. The House is expected to vote Friday.

Related Topics:Politics
Posted:October 1, 2008 at 8:58PM
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Senate passes bailout bill