The Senate's Bailout Bill

The Senate will vote Wednesday on its version of the economic bailout.

Read all 451 pages of the bill on TheHill.com.

Like the version rejected in the House Monday, the Senate's seeks to give the Treasury Department authority to spend up to $700 billion to purchase bad mortgage assets from private financial firms. But unlike the House's bill, the Senate bill includes tax measures to extend and create incentives for renewable energy programs and to provide a patch next year for the Alternative Minimum Tax. It would also expand the federal guarantee for money in bank accounts. Under current law, the Federal Deposit Insurance Corporation guarantees an account up to $100,000; the Senate bill seeks to increase the limit to $250,000.

Both Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) have hailed the bill as a bipartisan effort and are pressing House members to also back it.

But House Majority Leader Steny Hoyer (D-Md.) has already said that he's "not pleased" by the addition of the AMT patch. Centrist Blue Dog Democrats in the House have opposed any AMT patch that doesn't come with offsets for the revenue that would be lost.