Senate Passes Rescue Plan

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Posted: 8:35 PM Oct 1, 2008
Last Updated: 8:47 PM Oct 1, 2008
Reporter: Associated Press

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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.

Officials say the Senate's rescue plan is much like the one the House defeated on Monday.

It does, however, include an increase in the FDIC insurance limit, and a tax break for millions of Americans.

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