The US Senate will vote on a revised bailout bill today Australian time, reports Politico.

The Senate will vote on the bill at 9.30am EST. It is a reworking of Treasury’s $700 billion financial rescue plan, with an additional $100 billion in popular tax breaks and aid to rural schools important to House Republicans.

“To calm voters fearful of bank failures, the $100,000 cap on federal insurance for deposits would also be raised to $250,000—a concession backed by both parties but also aimed at community banks who can be helpful in building small town support for the larger bill.

“With each permutation, the bill has steadily grown in size. Treasury’s initial plan was about three pages long. The House version, which failed, stretched to 110. The Senate substitute now runs over 450 pages. And tucked away in the tax provisions is a landmark health care provision demanding that insurance companies provide coverage for mental health treatment—such as hospitalization—on parity with physical illnesses.

Read the full story here.

Peter Fray

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