Senate Approves Bailout Bill by Wide Margin

Updated from 4:28 p.m. EDT.

The U.S. Senate on Wednesday night approved a revised bailout bill intended to address the mounting financial crisis that has crippled worldwide credit and equities markets.

The Senate voted 74-25 to approve the legislation, which authorizes the federal government to buy up to $700 billion in mortgage-related assets clogging bank balance sheets and freezing credit markets. Its passage comes just two days after the House of Representatives unexpectedly rejected an earlier version, sending stocks into a tailspin.

The House is expected to again vote on the measure on Friday. Twelve representatives must switch their votes to overcome Monday's 228-205 defeat of the bill. ...