– The Washington Post reported on Saturday that a surge in government spending “could send the federal deficit soaring toward $1 trillion this year, creating the deepest well of red ink since the end of World War II.”

– The Senate has passed a modified version of the $700 billion bailout bill Congress shot down on Monday. The bill passed 74 to 25.

– The bill passed by the Senate includes provisions to increase the FDIC’s bank deposit insurance limits and a $150.5 billion package tax cuts.

– Despite the passing of the bill in the upper house, US stock futures slipped this morning. MarketWatch reports that “S&P 500 futures fell 9.9 points to 1,158.50 and Nasdaq 100 futures dropped 5.5 points to 1,573.25. Dow industrial futures dropped 71 points.”