Hot on Facebook

God Doesn't Want Teachers to Get Raises, Says Lawmaker It should be a calling, adds Alabama official »

Senate Passes Sweetened Bailout Bill

By Neal Colgrass, Newser Staff

Posted Oct 1, 2008 8:25 PM CDT

(Newser) – The Senate overwhelmingly passed a historic $700-billion bill tonight to salvage the US economy, MSNBC reports. Senators backed the measure 74-25, hailing changes to the House measure that would aid the middle class and small businesses. Senate leaders said they hoped their bill would persuade House members to get on board, and save a financial system that has been crippled by the credit crisis.

Senators sweetened the measure with $100 billion in middle class and small business tax breaks designed to convince disgruntled voters it's not a Wall Street giveaway. They also raised FDIC insurance for private bank accounts to $250,000 from $100,000. Both presidential candidates flew to the capital today to back the bill.

Sen. Lamar Alexander, R-Tenn., left, Jon Kyl, R-Ariz., and Sen. Judd Gregg, R-N.H., take part in a press conference on the financial crisis in the Capitol building on Wednesday, Oct. 1, 2008 in Washington.... (AP Photo/Evan Vucci)

Senate Majority Leader Sen. Harry Reid, D-Nev., during a news conference on Capitol Hill in Washington, Wednesday, Oct. 1, 2008. (AP Photo/Lawrence Jackson)

Senate Majority Leader Sen. Mitch McConnell, R-Ken., left, Sen. Judd Gregg, R-N.H., center, and Sen. Jon Kyl, R-Ariz, right, leave a press conference in the Capitol building on Oct. 1, 2008. (AP Photo/Evan Vucci)

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

ECB Makes Massive $639B Loan to Banks

For a period of three years

(AP) - The European Central Bank loaned a massive $639 billion to 523 banks for an exceptionally long period of three years to steady a financial system that is under pressure from the euro zone debt crisis. It is the biggest ECB infusion of credit into the banking system in the 13-year history of the euro. The ECB is trying to make sure that banks have enough ready cash so they can keep on lending to businesses. Otherwise, a credit crunch could choke off growth and spread the debt crisis to the wider economy through the banks. More»

Ex-AIG CEO Sues US Over Bailout

They say takeover violated investors' fifth amendment rights

(NEWSER) - Former AIG CEO Hank Greenberg is suing the US government for $25 million for having the effrontery to bail out the dying insurer. Greenberg was ousted in 2005 after allegedly cooking AIG’s books to inflate its value, but still had a keen interest in the company during the bailout, because his firm, Starr International Co., was its largest shareholder. Now Greenberg’s saying that the bailout of the firm violated shareholders’ constitutional rights, the Wall Street Journal reports. More»

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

(AP) - A general strike paralyzed Greece a second day as outraged protesters gathered by the tens of thousands outside parliament today, where lawmakers prepared to vote on intensely unpopular austerity measures needed to secure the next $11 billion installment from the international rescue loans that have so far prevented the country from sliding into bankruptcy. The austerity bill won initial approval in a first vote last night, and deputies are now to vote on the details. "If the law is not approved, including every single article it contains ... the country will once again serve as the scapegoat on which Europe's historic, political, and institutional shortcomings will be dumped," threatened Greece's finance minister. More»

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

(AP) - Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills— an austerity law and a second bill detailing how it will be implemented—before they approve a $17.3 billion installment from the country's $159 billion package of rescue loans. Parliament passed the second law by majority vote today. More»

Dear Uncle Sam: Thanks

Only you could have saved us from financial meltdown: Warren Buffett

(NEWSER) - Sure, it's all the rage to curse big government, government spending, government in general, but there's one guy who's thankful for it—and his name happens to be Warren Buffett. Writing a thank-you letter disguised as an op-ed for the New York Times, Buffett praises Uncle Sam's intervention in the financial crisis: As America's financial pillars stood ready to fall like dominoes two years ago, "Only one counterforce was available, and that was you, Uncle Sam. Yes, you are often clumsy, even inept. But when businesses and people worldwide race to get liquid, you are the only party with the resources to take the other side of the transaction." More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Senate Passes Sweetened Bailout Bill

OTHER STORIES ON OUR RADAR

Senate • Henry Paulson • vote • bailout • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

ECB Makes Massive $639B Loan to Banks

For a period of three years

Ex-AIG CEO Sues US Over Bailout

They say takeover violated investors' fifth amendment rights

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

Dear Uncle Sam: Thanks

Only you could have saved us from financial meltdown: Warren Buffett

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?

Senate Passes Sweetened Bailout Bill

Bookmark & Share

OTHER STORIES ON OUR RADAR

Senate • Henry Paulson • vote • bailout • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

ECB Makes Massive $639B Loan to Banks

For a period of three years

Ex-AIG CEO Sues US Over Bailout

They say takeover violated investors' fifth amendment rights

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

Dear Uncle Sam: Thanks

Only you could have saved us from financial meltdown: Warren Buffett

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?