US Senate Votes 74-25 For Financial Market Rescue Package

WASHINGTON --The U.S. Senate, voting on the biggest government financial intervention since the Great Depression, revived a $700 billion Wall Street rescue package Wednesday evening with a solid, bipartisan tally of 74-25, putting pressure on the House to quickly follow suit.

House lawmakers earlier this week sent financial markets tumbling when they defeated an earlier version of the legislation. The Senate package, which drew support from nearly three-fourths of the 100 member legislative body, includes several additions beyond the $700 billion plan negotiated last weekend, designed to broaden support for the plan.

These sweeteners range from $152 billion in unrelated tax breaks to giving financial regulators additional tools to combat the crisis and other provisions important to a variety of lawmakers.

The centerpiece of the package allows the Treasury Department to buy an array of troubled mortgages and other illiquid assets from financial institutions so the companies can improve their financial footing.

Treasury Secretary Henry Paulson, a key architect of the $700 billion markets rescue bailout plan, applauded the Senate for passing the measure.

"This sends a positive signal that we stand ready to protect the U.S. economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going," Paulson said in a statement. "I urge the House to act promptly to pass this bill."

-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com