Senate Passes $700 Billion Bail Out; Pressure Back On House Republicans

October 1, 2008 10:08 p.m. EST

Washington, D.C. (AHN) - The U.S. Senate has passed the controversial White House-backed $700 billion bail out plan only days after House lawmakers voted against similar legislation.

Passing with a 74 to 25 vote, and backed by both presidential candidates Sens. John McCain (R-AZ) and Barack Obama (D-IL), the bill will allow the federal government to buy up billions dollars worth of troubled loans and other assets in an effort to help the housing and credit crisis that has struck Wall Street.

The Senate version of the bill also includes several measures aimed at securing support from House Republicans who voted against the bill on Monday.

"If we do not act responsibly today, we risk a crisis in which senior citizens across America will lose their retirement savings, small businesses won't make payroll ... and families won't be able to obtain mortgages for their homes or cars," Senate Majority Leader Harry Reid (D-NV) said late Wednesday.