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US Senate Backs $700 billion Bail-Out Plan
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US Senate Backs $700 billion Bail-Out Plan

U.S. Senate Majority Leader Harry Reid speaks at a news conference in Washington, DC on October 1. The US Senate has passed a new 700-billion-dollar bailout of the debt-stricken financial system but European leaders agonised over a proposed emergency fund for ailing banks and money markets. (AFP/Getty Images/Alex Wong)

The US Senate voted comfortably in favour of the Bush administration's contentious $700bn bail-out of the banking industry early this morning, bringing the package back to life after a bitter week of political wrangling and wild gyrations in financial markets.

After a six-hour debate, the emergency rescue plan was passed by 74 to 25. The Senate majority leader, Harry Reid, said: "I'm very, very happy. This is a good vote."

Posted in Bailout