Maine’s Republican Sens. Susan Collins and Olympia Snowe voted in favor of the $700 billion bill aimed at thawing the nation’s frozen credit market. The bill passed 74-25, with significant support from both parties.

In addition to authorizing $700 billion in government spending to buy debt from floundering financial institutions, the legislation would raise federal deposit insurance limits from $100,000 to $250,000. The Senate bill also includes tax cuts for the middle class; $8 billion in tax relief for states hit by natural disasters, including Texas and Louisiana; $78 billion in renewable energy incentives; and extensions of expiring tax breaks.

Collins said her office had been flooded with calls from concerned constituents all week.

“We’ve had thousands of e-mails and phone calls against the initial bill,” Collins said, referring to the legislation first presented to Congress by Treasury Secretary Henry Paulson. “Lately, we’ve heard from hundreds of members of AARP in Maine who have asked me to support the bill because they are worried about the implications for the financial stability of our country and the impact on their savings.”

Snowe said the bill would help stabilize the economy.

“Congress must demand the restoration of accountability and transparency from all of our financial markets,” Snowe said in a statement. “No longer can the U.S. financial industry act with impunity and make the highly speculative investments that have today jeopardized the health, stability and growth of our economy.”

Despite passing handily in the Senate, the legislation’s fate in the House is unclear. The House is scheduled to vote on the bill Friday. On Monday, the House voted 228-205 to defeat similar legislation.

U.S. Rep. Tom Allen, a Democrat from Maine’s 1st District, voted in favor of the $700 billion bill on Monday, and said the Senate version “sure looks like something I would vote for.”

“The financial fallout from our failure to pass a bill on Tuesday was hard to ignore,” said Allen, referring to the stock market’s historic 778-point plummet. “I suspect the House will come back in line. I don’t think everyone will like it. In fact, none of us will like it, but I think we’ll get it done this week.”

Maine’s other congressman, U.S. Rep. Mike Michaud of the 2nd District, voted against the House bill on Monday because it “did not adequately protect the taxpayer.”

Michaud said on he was unsure how he would vote on the Senate version of the bill.

“I’m pleased that the Senate plan provides additional protections to secure the savings of individuals and small business,” he said in a statement. “As the process moves forward, I will closely examine the final language of the plan.”

But Collins said Congress needs to act as quickly as possible. “This is the equivalent of a six-lane highway having a crash that is blocking all of the traffic from reaching its destination,” she said. “We’re seeing car dealers who are having difficult times financing their inventory, small businesses having a difficult time accessing their credit lines and seniors worried about the worth of their pension plans and savings. The ramifications of this package go way beyond Wall Street and affect everyday Americans in communities all over the country.”

Allen, who is challenging Collins for her seat in the Senate, agreed. “More and more people understand that the impact of this financial crisis is about to hit Main Street if we don’t act,” he said.

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