US Senate passes $ 700 bn bailout plan | business | Hindustan Times
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US Senate passes $ 700 bn bailout plan

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it.

business Updated: Oct 02, 2008 22:51 IST

After one spectacular failure, the $ 700 billion financial industry bailout found a second life today, winning lopsided passage in the Senate and gaining ground in the House of Representatives, where Republicans opposition softened.

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.