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Bailout passes Senate, House foes soften
Wednesday October 1, 9:21 pm ET
By Julie Hirschfeld Davis and Charles Babington, Associated Press Writers
Senate passes $700B financial bailout loaded with tax cuts, other goodies, to lure House votes
WASHINGTON (AP) -- After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) -- The Senate has passed a $700 billion bailout for the financial industry aimed at preventing the economy from plunging into a recession.
Democrats and Republicans teamed to approve the bill after sweetening it with tax breaks. The House plans to vote on it Friday.