U.S. Senate Approves Revised $700 Billion Rescue Bill for Financial Institutions

Just two days after the U.S. House of Representatives shot down a $700 billion rescue plan designed to stabilize the troubled financial markets the U.S. Senate approved a revised version of the bill, easily passing with a 74 to 25 vote.

The revised version included an increase in the insurance level for bank deposits covered by the FDIC, pushing the $100,000 guarantee on savings to $250,000 as well as several tax breaks for small businesses and renewable energy projects.

At the heart of the bill is funding to help create stability in the financial markets. Several investment banks have suffered tremendous losses due in large part to bad mortgage debts and with the revised bill the government would purchase those debts.

The revised bill will still have to go before the House of Representatives, with a  vote expected on Friday.

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