Senate Republican leader sees victory on bailout

WASHINGTON (Reuters) - Senate Republican Leader Mitch McConnell said on Wednesday he expects the revised $700 billion bailout package for the financial industry to be passed by the U.S. Senate later in the day.

"I am optimistic that we are going to have a significant bipartisan victory," McConnell told reporters after a meeting with his fellow Republicans in the Senate. He also said he was optimistic the revised bill will win passage in the House of Representatives. The House narrowly rejected the bailout earlier this week.

The revised package includes about $150 billion in business and energy tax breaks as well as alternative minimum tax relief for some 24 million taxpayers. It also would raises bank deposit insurance coverage to $250,000 from $100,000.