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US Senate backs new bail-out bill

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US Senate backs new bail-out bill

Post  Admin on Wed Oct 01, 2008 9:11 pm

The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system.

Senators voted 74 to 25 in favour of the emergency legislation designed to stabilise volatile markets and limit further damage to the economy.

It included an increase in the level of government insurance for bank deposits and a raft of targeted tax breaks.

The plan will now go before the House of Representatives, which narrowly rejected a similar bill on Monday.

US presidential hopefuls John McCain and Barack Obama, who both support the rescue plan, returned from the campaign trail for the vote.

Raises government's guarantee on savings from $100,000 to $250,000
Tax breaks to help small businesses and promote renewable energy
Expansion of child tax credit and help for victims of recent hurricanes

Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both candidates.

"I think it shows that when we work together we can accomplish good things," he said.

"I think it speaks volumes that both of our presidential candidates are here and voting - both supporting this legislation."

Speaking a few hours before the vote, President George W Bush said the bill needed to pass in order to calm volatile markets.

"It's very important for us to pass this piece of legislation so as to stabilise the situation - so that it doesn't get worse and then our fellow citizens lose wealth and work," he said.

The House of Representatives is expected to vote on the revised version on Friday.

The BBC's Jonathan Beale, in Washington, says senators from both parties are congratulating each other for rising above party politics and acting in the interests of the US.

But he says the bill has passed only the first hurdle, and such celebrations could yet prove to be premature.

bbc news


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Re: US Senate backs new bail-out bill

Post  chithanh119 on Thu Oct 16, 2008 8:57 am

Thanks for your news


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Re: US Senate backs new bail-out bill

Post  Admin on Sat Oct 18, 2008 3:10 pm

chithanh119 wrote:Thanks for your news

you're welcome.

The economy is such a yoyo right now- I cant help but wonder if the downturn has peaked yet, or if there's more to come. Question


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Re: US Senate backs new bail-out bill

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