Senate passes bailout package - WAOW - Newsline 9, Wausau News, Weather, Sports

Senate passes bailout package


By Katie Rosenberg & Erik Mrotek

WASHINGTON DC (WAOW)-- The Senate approved the 700 billion dollar financial bailout plan by a 74-25 vote.

The vote comes just two days after the House voted it down. Since Monday negotiators made additions in hopes of getting more support.

It now includes tax breaks for businesses and the middle class and a boost in the deposit insurance limit to 250-thousand dollars.

Wisconsin Senator Herb Kohl voted in favor of the plan. But Wisconsin's other Senator, Russ Feingold, was one of the 25 votes against the bailout plan.

The democrat says while he felt the plan was well intentioned it remains deeply flawed.

One of his concerns the failure to reform the flawed regulatory structure that permitted this crisis.

The Associated Press contributed to this report

Online Reporter: Katie Rosenberg

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