After days of behind-the-scenes manoeuvring the United States Senate is set to vote later on a massive 400 billion euro bailout package to help save the American banking system.
The White House says the plan being negotiated with Congress had been modified in a way that significantly improved its chances of being passed. The package is likely to appeal to the Republican rank and file after the House of Representatives vetoed legislation on Monday.
If both houses approve the bill it will be sent to President Bush for his rubber stamp. The Democratic Presidential candidate Barak Obama who, according to opinion polls, is experiencing a surge of support in three key states Florida, Ohio and Pennsylvania, said it was crucial US lawmakers approve the bailout to avert an economic catastrophe.
Voters say they put Obama ahead of Republican candidate John McCain because the Democrat performed better in their recent first head-to-head television debate. Senate approval to the bail out would bring a huge sigh of relief on Wall Street which has been in meltdown in recent days. Confidence in the American markets will also boost world stocks especially in the banking sector.