Bailout passes Senate 74-25 (Obama yes, McCain yes)

The controversial bailout bill designed to stop the bleeding in the credit market passed the Senate tonight. The bill remained unchanged except for a few bipartisan measures added that should make the bill a tad more business friendly. Both Senator Obama and Senator McCain returned to Washington to cast yes votes. Reports have roger Wicker voting nay, with no word yet on Thad Cochran.

Now the bill must head to the House where its predecessor was defeated 228-205. Leaders of both parties hope that the new and improved bill, backed by a Senate mandate, will pass the House tomorrow.

CNN article:

Advocates say the plan is crucial to government efforts to attack a credit crisis that threatens the economy and would free up banks to lend more. Opponents say it rewards bad decisions by Wall Street, puts taxpayers at risk and fails to address the real economic problems facing Americans.

"If we do not act responsibly today, we risk a crisis in which senior citizens across America will lose their retirement savings, small businesses won't make payroll ... and families won't be able to obtain mortgages for their homes or cars," said Senate Majority Leader Harry Reid, D-Nev., moments before the vote.

In a press briefing after the vote, Senate Minority Leader Mitch McConnell. R-Ky., said, "This is a measure for Main Street, not Wall Street. [It will help] to unfreeze our credit markets and get the American economy working again."