Senate Puts Pressure on House to Pass Bailout

New bill will cost even more
By Kevin Spak,  Newser Staff
Posted Oct 2, 2008 9:22 AM CDT
The White House is seen on Wednesday, Oct. 1, 2008, in Washington, ahead of the evening's planned Senate vote on the $700 billion financial bailout.    (AP Photo/Charles Dharapak)
camera-icon View 2 more images

(Newser) – By resoundingly passing its version of the bailout bill, the Senate has ratcheted up the pressure on House leaders to go along with the plan, the Swamp reports. “We’re going to fix the problem this week,” promised Mitch McConnell. The new bill more than doubles the FDIC insurance cap and eliminates the Alternative Minimum Tax, provisions expected to be a hit with House Republicans.

The additions also tack $100 billion onto what one critical Republican senator called “the largest expenditure in the history of the Republic.” Though the bill passed 74-25, vehement objections were voiced, with many predicting that the plan wouldn’t work. “It would be nice to say it’s a cure,” said supporter Jack Reed, “but frankly it’s a tourniquet.”