$700 billion bailout plan goes through

$700 billion bailout plan goes through



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Last night Henry Paulson’s amended bailout plan was approved by the US Senate after it was dramatically rejected earlier in the week by the US House of Representatives. 

Now the House will be under immense pressure to pass the financial rescue package, having been modified to contain “sweeteners” to make the deal more attractive to hesitant House members.

 

The approval by the US Senate, by 74 votes to 25, sends a clear message to the lower chambers that this bill is crucial to economic recovery for banks. However, the fate of the landmark bailout plan is still very much uncertain, with the House of Representatives likely to revote on it tomorrow.

 

Since Monday’s defeat, the public mood has shifted to realise that rather than this being just a Wall Street bailout, the bill is a vital rescue package for the entire US economy.

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