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Senate set to vote on revised bailout package

Latest update : 2008-10-01

Senate Majority Leader Harry Reid received unanimous consent from the Senate to schedule the vote on a revised version of the $700 billion financial bailout package as early as Wednesday evening, after the Jewish holiday of Rosh Hashanah.

Watch our Top Story, "Bailout on the ropes", our Face-Off show, "No bailout, no way out?", and the France 24 Debate, "Crisis strikes Europe".

 

Read Douglas Herbert's commentary and our coverage of the effects of the crisis on French banks.

 

Find out more about the origins of the greatest financial crisis in decades and watch Professor Gerardo Della Paolera explain how we got there.

 

 

The US Senate will vote Wednesday evening on a revised 700 billion dollar Wall Street bailout package, after the House of Representatives sparked economic turmoil by rejecting an earlier version.
   
A Democratic Senate aide speaking on condition of anonymity confirmed the vote would go ahead and the bill is expected to come up after sundown on Wednesday when lawmakers return from the Jewish Rosh Hashanah holiday.
   
The vote means that the Senate will consider the bailout before the House gets a second turn at the bill, an unusual occurrence for a financial measure.
   
It was not immediately clear how the Senate version of the package would differ from the one sensationally rejected by the House on Monday despite warnings the bill's failure could trigger an economic catastrophe.
   
The original proposal would have given Treasury Secretary Henry Paulson authority to buy up toxic mortgage-related assets in troubled banks in hopes of easing the flow of credit.
   
The bill would have immediately released 250 billion dollars to enable the government to buy up troubled assets, and sets a ceiling for all purchases of 700 billion dollars.
   
It also includes restrictions on "golden parachutes" for CEOs.

Date created : 2008-10-01

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