Senators to vote on new bailout plan

The US Senate will be voting October 1, on a different financial rescue package after Congress rejected the $700 billion (£380 billion) bailout plan that was backed by President Bush.

Although the new version of the plan to be put to the Senate will be similar to the initial bailout plan, it’s said that it will include some new measures to help it get through Congress.

A clause in the new plan is to raise the governments guarantee on savings from $100,000 to $250,000.

President Bush warned the American people that they are facing a choice between action and the real prospect of economic hardship, he then made it clear to the White house that the situation is urgent and if it’s not acted on immediately the situation will grow worse each day.

Read the full article: BBC