The Senate on Wednesday passed a $700 billion plan to stabilize U.S. financial markets, in a dramatic game of one-upmanship that sends the issue back into the lower chamber, where it narrowly failed on Monday.
The bill had no trouble exceeding the 60-vote threshold needed for passage after Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) hammered out an agreement late Tuesday. Mindful of Monday’s 777-point drop in the Dow Jones Industrial Average, the two Senate leaders had worked unusually closely and quickly to cobble together a compromise in consultations with House leaders and the White House.
More on the bailout here....
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