U.S. Senate Finance Committee Chairman Max Baucus reports that the Senate has voted in favor of the Emergency Economic Stabilization Act of 2008 - a financial rescue plan that will allow the U.S. Treasury to purchase assets threatening the solvency of American financial institutions.
In a last-minute move by proponents of renewable energy tax incentives, the full text of H.R. 6049, as amended by the Senate in September, was added to the rescue plan's legislative vehicle. H.R. 6049 provides for an extension of renewable energy production incentives through Jan. 1, 2010.
The Senate will send the legislation to the House of Representatives for consideration.
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