Update February 11, 3 p.m.: The bill will likely be paired down to $789 billion. Get the latest.

First reporting:

If you hadn't heard, the Senate has passed the "Economic Recovery and Reinvestment Plan." But that bill has some significant differences from the one the House passed last week. To that end, The State has done an excellent job determining what the differences mean for South Carolina.

Read more stories on this subject in our bailout topic page.I'm quite disappointed to read that money has been taken away from schools and helping bail out South Carolina's government (which has in turn taken lots of money from schools). The Senate has shifted money to fund tax cuts.

Great, because tax cuts worked so well in the past.

We should be focusing on investing in our country through educating the people, and then they can make all the money they want.

How's the parable go? Give a man a fish; you have fed him for today. Teach a man to fish; and you have fed him for a lifetime.

But nothing is final yet: The House and Senate bills' differences must be reconciled and then final legislation can be passed.

Go get the scoop at The State. And to get the latest on the negotiations between the House and Senate, head over to The New York Times.