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Senate approves $700 billion economic bailout.

By Amanda Terkel  

"Senate approves $700 billion economic bailout."

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The Senate voted 74-25 tonight to approve a $700 billion plan to stabilize U.S. financial markets. The plan gained additional support with the inclusion of an “increase in Federal Deposit Insurance Corporation coverage of bank deposits, from $100,000 to $250,000, as well as extensions of popular tax credits and a freeze on the expansion of the Alternative Minimum Tax.” The issue now goes back to the House, which failed to pass the bailout on Monday.

Update

Both Sens. Obama and McCain voted for the legislation.

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