Senate clears revised $700bn package; House to vote again

There is a good chance that the $700 billion bailout package might come through this week. The US Senate passed the $700 billion bailout, and now it will go to the House of Representatives again, which had rejected it earlier. The House is likely to vote again by Friday.

Senators voted 74-25 in favour of the bill with tax breaks and other sweeteners. Now, House leaders are working on it to help the passage of the bill.

The financial package will allow the government to buy beaten-down securities held by weak financial institutions.

The revised package has added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, the cap on federal deposit insurance from $100,000 to $250,000.