NJ senators back financial bailout

TRENTON, N.J. (AP) - October 1, 2008 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.

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