Additionally, the bill included an increase to the limit on FDIC insurance, from $100,000 to $250,000. The increase is designed to help bolster investor confidence in banks. It should be noted, however, that the increase is temporary.

Under the Constitution the House normally acts first on large spending bills, but Senate Majority Leader Harry Reid was able to exploit a procedural provision to jump past the House.

Earlier in the day, Barack Obama said:

"This is one of those defining moments when the American people are looking to Washington for leadership. It is not a time or politics. ... This is no longer just a Wall Street crisis. It's an American crisis, and it's the American economy that needs this rescue plan."

While Senate passage was easy, passing the House may not be. Democrats hope to bring the bill to the House floor on Friday, but only if they feel it has a good chance of passage.

With the sweeteners added, some are rethinking their positions. But much of the public still disagrees with the bailout, placing those facing election in a tough position.