The modified $700 billion bailout plan was approved by the Senate putting pressure on the House of Representatives."The strong vote is helpful. We believe the house has a better chance to pass this bill than the one it considered on Monday," a Republican leadership aide said after Wednesday night's vote. "Having said that, we're going to need more Democrat and Republican votes to pass this bill in the House."
74-25 was the final vote in the Senate on Wednesday night with large bipartisan support.
Under the modified plan Treasury Secretary Henry Paulson would buy up to $700 billion in bad mortgage-related securities and other bad assets but it increases the Federal Deposit Insurance Corp (FDIC) cap from $100, 000 to $250, 000.
The modified plan also makes $250 billion immediately available to purchase bank assets, leaving $100 billion at the president's discretion and $350 billion subject to congressional review.
Today President Bush urged the house to pass an "improved" bill.
The House could vote on the modified plan Friday.
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