The story

The U.S. Senate voted Wednesday by 74 votes to 25 to approve a $700 billion economic bailout plan. The proposals would allow Treasury Secretary Henry Paulson to buy "toxic debts" from banking institutions to allow them to resume borrowing normally. But the plan still requires approval in the House of Representatives, which rejected a previous version of the bill on Monday.

What next for the bailout plan?

The Senate vote puts lawmakers in the House of Representatives under intense political pressure -- though not constitutional pressure -- to endorse measures which U.S. President George W. Bush, top Treasury officials and leading lawmakers have argued are necessary to underpin the foundations of the entire U.S. economy. Read full article »