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Wednesday, October 1

Revised bailout bill passes Senate

The Senate package would add $100 billion in tax breaks for businesses and the middle class while temporarily raising the Federal Deposit Insurance Corp.’s cap on coverage of bank deposits from $100,000 to $250,000. There were indications Wednesday that those changes could swing some opponents over, said Sen. Chris Dodd, D-Conn., chairman of the Banking Committee.

“A number of people who voted ‘no’ ... are having serious second thoughts about it,” Dodd said.

The increase in FDIC insurance made the difference for Rep. Rodney Alexander, R-La., who voted against the bill Monday but said he would back the Senate version.

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