The US Senate has approved a 500 billion euro bail out bid for the country’s financial markets.
The bill was passed by a wide margin of 74 votes to 25 – only days after it was resoundingly rejected by the House of Representatives.
Senators loaded the rescue package with tax breaks and other sweeteners – meaning even Republican opposition to the bitter economic pill was swallowed.
House majority leader Harry Reid said inaction was not an option: “The American people have a right to be frustrated with the economic crisis that they face and we share that with them. But inaction is not an option which is why we worked expeditiously and in a bi-partisan manner to stop a bad situation from getting even worse. It is my expectation the House of Representatives will follow suit.”
The bill has now been sent back to the House of Representatives where is is likely to be voted on on Friday.
Applauding the Senate vote, US President George W. Bush predicted that the reworking of the proposal would make its re-passage through the Lower House run more smoothly.
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