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October 1st, 2008

Senate OKs $700 billion bailout

The Senate tonight approved a $700 billion rescue package for Wall Street aimed a preventing a credit crisis from plunging the nation into a recession.

Both of Nevada’s senators — Harry Reid, D, and John Ensign, R — voted for the bailout.

Both presidential candidates, Democrat Barack Obama and Republican John McCain, returned to Washington for the historic vote on the broadest government intervention in financial markets in decades.

Senate leaders in both parties added $110 billion in tax breaks and other sweeteners aimed at picking up enough votes in the House to pass the bill a month before the election. The House rejected the bill on Monday but leaders will try again to pass it on Friday.

The government would use most of the money to take over bad mortgages from tottering financial companies and investors.

In short, the Senate cooked up a crap sandwich with sprinkles and a sprig of parsley — and sent it from their kitchen to the House Dining Room to see if the members will eat it, let alone like it.

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