We present a new formulation of quantum mechanics for closed systems like the universe using an extension of familiar probability theory that incorporates negative probabilities. Probabilities must be positive for alternative histories that are the basis of settleable bets. However, quantum mechanics describes alternative histories are not the basis for settleable bets as in the two-slit experiment. These alternatives can be assigned extended probabilities that are sometimes negative. We will compare this with the decoherent (consistent) histories formulation of quantum theory. The prospects for using this formulation as a starting point for testable alternatives to quantum theory or further generalizations of it will be briefly discussed.