NewsFlashUS Senate approves $700bn bailout plan

02 October 2008 02:41  [Source: ICIS news]

WASHINGTON (ICIS news)--The US Senate voted overwhelmingly to pass the controversial $700bn (€497bn) financial bailout bill late on Wednesday, sending the bill on to the House of Representatives with a 74-25 vote.

 

In deliberations that ran well into evening hours in Washington, many in the Senate voiced opposition to the bill on various grounds but said that Congress had to approve it or see the US economy grind to a halt.

 

The House will meet on Thursday, but a vote on the financial rescue bill is not expected until Friday, according to House leaders.

 

US chemical producers and a broad array of other manufacturers called on Congress earlier on Wednesday to approve the controversial and costly bailout plan, warning that the US economy was at risk.

 

($1 = €0.71)

 

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By: Joe Kamalick
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