Bailout plan meets US Senate approval

Source: Exec Digital USA

Date :10/2/2008 4:55:02 AM

The US Senate has endorsed a revised US$700 billion bailout plan in a bid to prevent 'economic catastrophe'.

The White House and leaders in both parties will now make a second attempt to get the Bill passed in the US House of Representatives after the Senate sent a lucid message that the plan is vital if a meltdown in the US banking system is to be prevented.

“[It is] essential to the financial security of every American,” the Senate said.

The bill was passed last night, October 1, in a landslide 74 votes to 25.

The modified version’s passage is still far from certain, especially as it would cost the average American US$2,300 and see the Treasury taking “toxic” or bad loans off the hands of what most American’s believe are “incompetent” institutions.

Another dramatic vote is expected.