Just past 9:30 Thursday night the full Senate passed a $700 billion rescue plan to revive the credit and mortgage markets. The final tally was by a lopsided vote of 74 to 25. The passage comes two days after Republicans -- fearing a voter backlash at the polls -- torpedoed the House version of the bill. However, Senators stuffed their version of the "bailout" legislation with tax breaks and other sweeteners. Come Thursday morning House members will go back to work redrafting the bill that was defeated on Monday. It appears that mortgage "cram down" language will not be included but some liberal members of Congress are still holding out hope that it may be.
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