icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
1 Oct, 2008 22:43

Revised bailout plan approved by U.S. Senate

U.S. senators have approved the amended $US 700-billion rescue package aimed at preventing Wall Street imploding. It was passed by a wide margin of 74 to 25. The revised bailout will need the support of the House of Representatives on Friday to be implemented.

Observers are very unsure which way the House of Representatives vote will go.

Senate amended the bill to include tax breaks for business and the middle classes, and increase the amount of savings the government would guarantee.

On Monday, the House of Representatives rejected the original bill, with its critics saying it was unnecessary and costly.

Following that, the Dow Jones suffered its biggest point loss ever – U.S. companies lost $US 1.2 trillion of market capitalisation.

Podcasts
0:00
23:13
0:00
25:0