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By MARY CLARE JALONICK Associated Press Writer Washington (AP) Sen. Tim Johnson says he opposes a $700 billion financial industry bailout bill because it doesn't do enough to fix the problems that caused a widespread economic meltdown.

Johnson, a Democrat, is splitting with South Dakota's other senator, John Thune, a Republican. Thune said Wednesday he would vote for the legislation considered Wednesday evening in the Senate. The House rejected a similar bailout Monday.

The plan for Wednesday night's vote was set after Senate leaders agreed to add tax breaks for businesses and the middle class and increase deposit insurance in an attempt to revive the legislation rejected by the House.

Thune said he supports the bill's added market oversight and its curbs on executive pay.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 10-01-08 1843CDT | save this article / add to your favorites list