Senate approves bailout bill

WASHINGTON, Oct. 1 (UPI) -- The inclusion of $110 billion in tax breaks sweetened the pot enough for the Senate to pass legislation Wednesday night to bail out the U.S. financial markets.

The $700 billion plan ultimately breezed through the Senate on a 74-25 vote on its way to the House of Representatives where its fate is less certain, The Miami Herald reported. The House, which rejected an earlier version Monday by 23 votes, is expected to take up the measure Friday.

The additional tax breaks included a one-year fix to limit the impact of the alternative-minimum tax, an extension of a business research credit and allowing rural utilities to issue tax-exempt bonds for use of renewable energy, the Herald said. There also were breaks for motor-sports racing tracks, makers of wooden arrows for children, and the rum excise tax for Puerto Rico and the Virgin Islands.

While Senate Majority Leader Harry Reid of Nevada and Republican Senate Leader Mitch McConnell of Kentucky called passage of the bill critical, not all senators agreed this version was the right one.

"It's garbage," said Rep. Devin Nunes, R-Calif. "They're trying to put more decorations on the Christmas tree, but the problem is the Christmas tree."