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Wednesday, November 25, 
9:03 am

Senate approves bailout bill

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The Senate sent a loud message to the House of Representatives late Wednesday by overwhelmingly approving a 451-page bill that at its core will give the Treasury $700 billion to buy illiquid mortgages, mostly from Wall Street banks.

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Key supporters included presidential candidates Barack Obama and John McCain, who both voted to support the measure, which passed, 74 to 25. The bill included numerous provisions, including energy credits, health care measures and middle-class tax relief, which were intended to garner support from disillusioned House members who narrowly rejected the government mortgage asset purchase plan on Monday.

Opponents to the bill in the Senate occupied the opposite ends of the political spectrum, mirroring the partisan makeup of the opposition in the House. For example, Sens. Byron Dorgan, D-N.D., Russell Feingold and Bernie Sanders, D-Vt., on the left opposed the measure and were joined by conservatives, Sens. James Inhofe, R-Okla., and Jim DeMint, R-S.C.

The House is expected to vote on Friday on a measure that includes a government purchase plan. In the interim, groups of Democrats and Republicans in the House are continuing to lobby alternatives to the buy-up approach. -- Ron Orol




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