October 1: US Senate Bailout Bill revised
Oct 01, 2008 | Comments 0
In Wall Street this morning the Senate will vote on a revised $700 billion bailout bill, this was after the House of Representative rejected it in its original format and sent share prices crashing. The Senate also confirmed that it would include a proposed increase the cap level of bank deposits insured by the federal government up to $250,000.
The rejected bailout earlier in the week was voted 228 to 205, the new revised bill is expected to have a much easier path through the 100-member Senate than it did with the house of representatives.
The bill is looked upon as a much-needed package to help the US economy that is on the verge of collapse due to the credit crunch and the burst of the housing bubble. Senators John McCain, Joe Biden and Barack Obama will all vote on the bill. President Bush pleaded earlier today with politicians to accept the bailout bill.
Read the full article: theaustralian
Filed Under: Business News