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U.S. Senate approved a revised $700 billion rescue package for the House of Representatives , following the House's rejection on earlier version. This bill , approves government to buy bad assest from financial institution due to record forcloser. Senate passed this vote on 74-25, senators authorized the Treasury secretary Mr. Henry Paulsonto buy bad assets from financial's books, allowed the Federal Deposit Insurance Corp. (FIDC) to raise its deposit-insurance cap to $250,000 from $100,000, extended several tax breaks and required government agencies to modify troubled mortgages.
Republicans changed their mind on Historic fall on DOW of 778 points drop on the reaction of first Vote Out. That bill was defeated on House's. Republcans were opposing that Bill and asking for some modification. One of the House of Representatives said Interviews : " The big drop'' in the Dow Index ``really had a chilling effect on a lot of our members and a lot of their constituents "The dollar rose against the euro, approaching a one-year high, after the Senate approval, bolstering expectations the U.S. will act faster than Europe to address the seizure in credit markets. The dollar advanced to $1.3880 per euro at 8:51 a.m. in London, from $1.4009 late yesterday in New York.
The most sweeping change is language to raise the limit for insured bank deposits sought by the FDIC, which asked to raise the capital temporarily to $250,000 from $100,000. This was designed to attract votes of some members of Congress who said that little was being done for Main Street.
The Senate also sweetened the measure for Republicans by authorizing the government's purchase of troubled assets with a $149 billion package of tax breaks. They would spare 24 million households from a $62 billion alternative minimum tax and extend $17 billion in benefits to companies that produce alternative energy.
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