WASHINGTON — After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
The measure didn’t cause the same uproar in the Senate, where both parties’ presidential candidates, Republican John McCain and Democrat Barack Obama, made rare appearances to cast “aye” votes.
The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.
Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday’s 228-205 defeat. They were especially targeting the 133 Republicans who voted “no.”
Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.
They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.
There were worries, though, that the tax breaks would cause some conservative-leaning Democrats who voted for the rescue Monday to abandon it because it would swell the federal deficit.
Local News
9:58 p.m.: UPDATE: Senate passes $700B bailout
- Local News
-
-
Local churches work with Change This World
While 1.02 billion people are undernourished and 23,483 die of starvation or preventable disease per day in the world, according to Food and Agriculture statistics on Change This World’s website, there are those who are trying to make a difference by decreasing those numbers.
-
Elwood mayor says new administration has had zero firings
Mayor Ron Arnold, who took office Jan. 1, said his administration has not fired a single employee.
-
Got flowers for Valentine's Day?
If you’re a wife or girlfriend reading this story, avert your eyes. This one’s for the men in your life.
-
Snow showers this evening
Our snow chances are greater during the course of this week. Today will begin dry with increasing clouds and highs in the mid 30s.
-
Arrest Log: Feb. 13
Arrests made by Madison County law enforcement on Saturday, based on Madison County Jail records. Charges are recommended by arresting officers, but are not final until the Madison County prosecutor reviews the case and files official charges.
-
Poll question for Monday, Feb. 13
Vote daily in The Herald Bulletin poll. Today's poll question can be found at the bottom of the homepage on the right side.
-
Getting Together: Anderson Symphony Orchestra seeks musical connections
Getting patrons in the proper mood for Valentine’s Day, the Anderson Symphony Orchestra delighted its audience with both classical and popular melodies of love on Saturday night. From Tchaikovsky to the Beatles, the professional musicians performed tales of love, tragedy and romance.
-
What's Where: Feb. 13
Local meetings and activities are scheduled Monday.
-
Scott Underwood: TV section alterations on the way
Two Sundays ago, The Herald Bulletin introduced a new product called Click, replacing the TV Week section. Like TV Week, Click includes TV listings grids, sports listings and Sudoku and crossword puzzles.
-
Analysis: Exceptional voice seemed lost in Houston's excessive fame
Whitney Houston’s numerous comeback attempts never gelled into anything the public cared about.
- More Local News Headlines
-
