SPRINGFIELD -- The U.S. Senate approved a $700 billion plan to rescue Wall Street on Wednesday evening, two
days after the House defeated a similar plan. 
After long hours, intense negotiations and some trepidation, the Senate
vote was 74 - 25. 

  In addition to buying out Wall
Street's debt, there are middle class tax breaks and higher insurance levels for
bank deposits.  It now all goes to
the House.

  In the end, three-quarters of
the Senate, including Missouri's Claire McCaskill and Kit Bond said the
government had to spend $700 billion to buy Wall Street's debt. 
To sweeten the deal, also included is $100 billion in middle class and
small business tax breaks, as well as more insurance to protect your money in
case it's in a bad bank.

  “On a bipartisan basis, we
added a provision to increase (Federal Deposit Insurance Corporation) insurance
for bank deposits from $100,000 to $250,0000 to renew confidence that money in
local banks is protected,” said Democratic Sen. Harry Reid, the Senate
majority party leader.

  “Right in the middle of a
heated presidential election, we were able to come together and do something
important for the country,” said Republican Sen. Mitch McConnell, the Senate
minority party leader.

  Both Sen. John McCain and
Barack Obama gave the bailout their blessings. 

   The lower chamber in
Congress may be harder to convince.  Republican
U.S. Rep. Roy Blunt of Springfield, the House's lead negotiator, says the tide
with the public is slowly turning. Blunt cited calls to offices.

   Overwhelming passage in
the Senate should calm jittery investors.  A
vote in the House could be on Friday.

  Investors say it was smart they
held this vote at night when the U.S. markets weren't in session, just in case
something went wrong.  But clearly
this will be a difficult vote for some Republican House members, including
Republican Congressman and candidate for governor, Kenny Hulshof of Columbia.

   To read the text of the
Senate bill, click
here.