October 1, 2008
Senate passes bailout bill
John McCain, Barack Obama, and Joe Biden voted with 71 senators to pass the $700 billion bailout bill that would allow the government to buy troubled securities, The New York Times reports.
The bill included $150 billion in tax breaks for individuals and businesses and increased the amount covered by the Federal Deposit Insurance Corporation from $100,000 to $250,000. The bill was also attached to legislation requiring insurers to treat mental health conditions similar to general health problems, The Times reports. The House is expected to vote Friday.