Senate approves Wall St. bailout

Steven Edwards And Sheldon Alberts
National Post
October 2, 2008

WASHINGTON – The U. S. Senate last night approved a US$700-billion financial bailout package, a move that could lead to full congressional approval tomorrow.

• A d v e r t i s e m e n t

The new version of the plan, the original of which was rejected by the House of Representatives on Monday, adds “sweeteners” in the form of tax breaks and a higher limit for insured bank deposits in a bid to make it more palatable to conservative Republicans.

President George W. Bush described the Senate plan as “different” and “improved,” and again warned that there was an urgent need to pass the bill to stop a global financial crisis.

The House rejection of the bill on Monday rocked markets, and U. S. officials say the bailout is vital to restoring confidence in the financial system, where clogged credit markets are already slowing the day-today running of the economy.

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