The U.S. House just passed the $700 billion bailout legislation by a vote of 263-171.

The successful passage of the biggest bailout in American history follows a ballot by the House earlier in the week in which lawmakers dramatically rejected the first version of the legislation 228-205.

The legislation that passed the House on Friday was crafted in the U.S. Senate, which passed the bill by a vote of 74-25 Wednesday night.

U.S. Rep. Steve Pearce, R-N.M., who is running for the U.S. Senate, said before Friday’s vote that he would oppose the bill. It is unclear how his Democratic opponent, Rep. Tom Udall, voted Friday or how U.S. Rep. Heather Wilson, R-N.M. voted. Both Pearce and Udall voted against the original bill Monday, while Wilson supported it.

The legislation authorizes purchase of up to $700 billion of troubled mortgage-backed securities created before March 14.

The financial bailout bill itself stipulates that $250 billion would be made available immediately; $100 billion would be used at the president’s discretion; and $350 billion would be up to congressional review.

The bill also would revise the federal alternative minimum tax, which would save the middle class from $60 billion in taxes, Senate Majority Leader Harry Reid said. The legislation also would create business tax breaks, would prohibit CEOs of companies getting help from receiving “golden parachutes,” would give homeowners facing foreclosure much-needed help, and would raise the FDIC insurance limit at banks to $250,000 from $100,000.

Amid all the policies in the legislation to help right the American economy is a provision that retiring New Mexico Sen. Pete Domenici cares deeply about. It would require insurance companies to require that group health insurance coverage for mental illness and substance abuse be provided on the same terms as coverage for physical illnesses.