NJ senators back financial bailout

October 1, 2008 7:27:17 PM PDT
New Jersey's two U.S. senators back a reworked version of the historic financial bailout package. Frank Lautenberg and Robert Menendez, both Democrats, joined tonight with the majority of their colleagues in supporting the bill.

The measure -- which passed by a 74-25 vote -- had been changed to include tax breaks and other sweeteners.

It's meant to allow the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. It also allows frozen credit to begin flowing again.

The House's 228-205 rejection of an earlier version of the bill sent the stock market tumbling Monday.

New Jersey's House delegation voted 7-6 against that version of the bailout proposal. The House is expected to take up the measure again in the coming days.