Senate Passes Bailout (Version 2.0)

By a vote of 74 to 25, the US Senate passed the re-vamped bailout bill that was defeated in the House on Monday.

The bill allocates 700 Billion Dollars to be used buy up shares/assets within the financial market. The goal is to alleviate the nation’s (and other nations’) banking/investment industry load of failing assets – and hopefully restore the credit market.

The Senate was determined to add provisions that would protect “ordinary” investors/savers as well. One “add-on” is a temporary increase in FDIC insurance – from $100k to $250k.

Also, the “revised” bill includes some popular tax provisions – such as a renewable energy incentive and another year of Alternative Minimum Tax relief.

Presidential Candidates Barack Obama and John McCain both voted “aye”.

The House is expected to vote on the bill Friday.