02 October, 2008

US Senate approves US$700 billion Wall Street bailout package

Breaking News :

US Senate approves US$700 billion Wall Street bailout package by a vote of 74-25. Bill is expected to be voted on next by House of Representatives on Friday.

WASHINGTON (AP) -- After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
(Source)

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