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• The United States Senate voted on, and approved, the proposed $700 billion bailout bill on October 1, 2008. The final vote tally: 74 in favor of the measure, 25 against. On September 29, 2008, the U.S. House of Representatives rejected the Emergency Economic Stabilization Act of 2008 by a 228-205 vote.CBS News: Senate Passes Financial Rescue Plan (October 1, 2008) CNN Money: Senate to Vote on Rescue Plan Wednesday

• Fast Facts

  1. Senate approved the bailout bill by a wide margin on October 1, 2008
  2. Measure passed by a vote of 74 to 25CBS News: Senate Passes Financial Rescue Plan (October 1, 2008)
  3. Vote time: just after 9 p.m. EST
  4. Senators John McCain and Barack Obama both voted in favor of the billCNNMoney.com: Senate Passes Financial Bailout Bill (October 1, 2008)
  5. U.S. House rejected bailout measure on September 29, 2008CNN Money: Senate to Vote on Rescue Plan Wednesday
  6. House was expected to reconsider bailout on October 2, 2008CNN Money: Senate to Vote on Rescue Plan Wednesday
  7. Dow plummeted 777 points after House rejected bailoutCNN Money: Senate to Vote on Rescue Plan Wednesday
  8. Senate included hike in FDIC deposit insurance limit in billCNN Money: Senate to Vote on Rescue Plan Wednesday
  9. Tax cut rejected in the HouseCNN Money: Senate to Vote on Rescue Plan Wednesday

• Bailout Bill Sweeteners

  On the day of the historic vote in the Senate on the bailout bill, several so-called "sweeteners" were added to the measure. Among them: $100 billion in tax cuts for businesses and the middle class, and an increase in the amount of federal insurance for bank deposits from $100 thousand to $250 thousand. Congressional leaders hoped that the additions would make the bailout bill more attractive to Republicans.FOX News: Revised Bailout Bill Speeds Toward Senate Passage CNN: 'Sweeteners' Could Make Bailout Package Sour for House Dems (October 1, 2008)

• Related Pages on Mahalo

  Bailout Bill Passes | Bailout Bill Rejected | Bailout Bill Text | Emergency Economic Stabilization Act of 2008 | Mortgage Bailout Plan | Bailout Bill Sweeteners | Kids Wooden Arrows | Stormy Daniels Senate

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