USA

Senate likely to approve 350-billion-dollar bailout plan

Senate majority leader Harry Reid thinks "[Senators] will get the necessary votes" for the release of the second half of the massive 700-billion-dollar Wall Street bailout package. A vote on the resolution will be held before Sunday.

Advertising

AFP - Senate majority leader Harry Reid said Tuesday the Senate was likely to approve the release of a second 350-billion-dollar financial bailout package this week.

"I think we will get the necessary votes," Reid told reporters, adding that he felt "very confident" about prospects for the bill's passage.

The top Senate Democrat added that a vote on the resolution had to be held before Sunday.

President-elect Barack Obama has asked the outgoing President George W. Bush to request lawmakers to unlock the second half of the massive 700-billion-dollar Wall Street bailout package approved in October.

Obama is set to use the funds to try to stimulate the flagging US economy and overcome the credit squeeze by encouraging investment and spending. Some measures are also set to be taken to stem the number of foreclosures.

But some lawmakers voiced concern.

"What we really need is something with more details so that we can truly make those decisions about how the money is going to be spent," said Democratic senator Ben Nelson.

"They talk about conditions but I don't know what the conditions are."

Daily newsletterReceive essential international news every morning