The U.S. Senate is set to vote Wednesday night on a revised version of the bailout package that failed to pass the House earlier this week.

Party leaders began working together on the Senate bill after the House bill failed Monday, sending the Dow down 777 points. Changes to the House bill include increasing the FDIC cap from $100,000 to $250,000, which means more money in deposit accounts is protected by the federal government. Tax breaks for businesses were also extended as part of the new package.

?Inaction is not an option we have,? Senate Majority Leader Harry Reid (D-Nev.) said Wednesday. ?Is the program we set up perfect? Of course not. But it?s going to work and help.?

Long Island residents are just as anxious to see what the outcome of the vote will be. ?That?s something that will help us, bring up the economy,? Juan Garcia, of Commack, said. ?It will help us a lot.?

Whether they approve of the plan or not, most admit the situation is urgent. The Senate is set to vote at 8:45 p.m.

The bill also seeks to temporarily suspend the Alternative Minimum Tax