By WKRG Staff
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Published: Wed, October 01, 2008 - 9:30 pm
WASHINGTON (AP) - A bailout for the financial industry has cleared the Senate and backers hope to push it through the House by Friday. It passed by a wide margin with bipartisan support.In the final vote, 40 Democrats, 33 Republicans and independent Joe Lieberman of Connecticut voted "yes." Nine Democrats, 15 Republicans and independent Senator Bernie Sanders of Vermont voted "no." John McCain and Barack Obama cast "aye" votes.
The rescue package would allow the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions.
The legislation has extra tax breaks and other sweeteners for holdouts in the House. Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday's defeat.
Critics on the right and left say the rescue plan is a giveaway for Wall Street, and has little obvious direct benefit for ordinary Americans.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Here's how your Senators voted:
Alabama:
Sessions (R-AL), Nay
Shelby (R-AL), Nay
Florida:
Martinez (R-FL), Yea
Nelson (D-FL), Nay
Mississippi:
Cochran (R-MS), Nay
Wicker (R-MS), Nay
To find out how all the Senators voted, look at the roll call list.
Former Montgomery Mayor On Capitol Hill
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Here is an article from 1999 in the New York Times that says volumes about who is responsible for the mortgage crisis. http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec;=&spon;=&partner=permalink&exprod=permalink