The U.S. Senate is expected to vote tonight on a revised proposal for a $700 billion bailout of the nation's financial industry, just two days after the House of Representatives sent a similar bill down in a stunning defeat.
The bailout proposal aims to shore up failing financial institutions that were hard hit by the ongoing subprime mortgage crisis. The Senate version of the bill includes new provisions that were absent in the House version, including raising the amount of money covered by the Federal Deposit Insurance Corp. from $100,000 to $250,000 for one year.
On Sept. 29, the House voted 228-205 against the bailout, sparking a 778-point drop in the Dow Jones Industrial Average, the largest single-day point drop, and one of the largest single-day percentage drops, in the Dow's history. All eight members of Arizona's House delegation voted against the bill