On Wednesday night, the Senate passed 74-25 a financial bailout plan similar to one the House rejected earlier this week. Presidential candidates Sens. Barack Obama and John McCain voted in favor.

Following the vote, Senate Minority Leader Mitch McConnell, said, “This is a measure for Main Street, not Wall Street. [It will help] to unfreeze our credit markets and get the American economy working again.”

The House is expected to take up the Senate plan on Friday, and the plan is intended to attract more House Republican votes with the mention of tax cuts. If it passes, it would be one of the largest economic interventions since the Great Depression.

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The Senate will vote Wednesday night in order to revive President Bush’s multi-billion dollar financial rescue plan. The plan failed in the House, but this version adds substantial tax cuts meant to appeal to Republicans when it reaches the House again.

Senate passage has seemed assured all along. But Senate leaders figure the House will have to approve it because the tax cuts are too appealing to Republicans and the financial rescue plan will still seem essential to most Democrats.

Barack Obama was recently honored with the Congressional Black Caucus Foundation’s Phoenix award at the 38th Annual Legislative Conference dinner in Washington.

The award recognizes those who through their efforts and accomplishments have made significant contributions to society, and it symbolizes the immortality of the human spirit and an eternal desire to reach its full potential.

Obama is also enjoying a continued lead over Republican counterpart John McCain. According to the latest Gallup poll, Obama leads McCain 49-43.

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On Monday, the House of Representatives rejected a $700 billion plan 228-205 to bail out the financial system, making a clear statement that they didn’t want to put taxpayers on the hook for the failures of financial institutions.

News of the rejection caused stocks to plunge and the Dow Jones industrial average fell nearly 778 points, the biggest single-day point loss ever.

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On Sunday, lawmakers unveiled a bill to rescue the nation’s troubled financial system. The $700 billion bailout is the largest in U.S. history and won support from both presidential candidates. The House will vote on the bill on Monday, and the Senate is expected to vote Wednesday. On Saturday, the Senate approved $25 billion in loan guarantees for the auto industry, which will hopefully be used to spark automotive innovation.

In a statement issued Sunday evening, President Bush said “this is a difficult vote, but with the improvements made to the bill, I am confident Congress will do what is best for our economy by approving this legislation promptly“.

House Minority Leader John Boehner told reporters, “Nobody wants to have to support this bill, but it’s a bill that we believe will avert the crisis that’s out there.”

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