They Voted For You: Bailout, Part Deux

U.S. Sens. Robert C. Byrd and Jay Rockefeller, both D-W.Va., each voted for the latest version of the $700 billion bailout/buy-in/rescue legislation sought to aid the financial services sector.

The measure prevailed 74-25. Fifteen Republicans, nine Democrats and Independent Sen. Bernie Sanders of Vermont voted against it. Sen. Ted Kennedy, D-Mass., did not vote.

"Republican John McCain and Democrat Barack Obama, made rare appearances to cast 'aye' votes, as did Obama’s running mate, Sen. Joe Biden of Delaware," The Associated Press reports.

The Senate Banking Committee has the complete text of the bill, as well as a one-page summary and a section-by-section analysis.

Though dubbed the Emergency Economic Stabilization Act of 2008, what passed the Senate late Wednesday also includes an "Energy Improvement and Extension Act of 2008," and a "Tax Extenders and Alternative Minimum Tax Relief Act of 2008."

As AP explains, "senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it," including "$110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance."

But the measure's core contains what helped kill the House version on Monday: language that "lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions," the AP article said.

"In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday," AP also reports. "President Bush issued a statement praising the Senate’s move."