US Senate passes revised bailout plan
The US Senate has approved a revised version of the $700 billion bailout plan, that the government hopes will help the crisis facing the US financial system. 74 senators approved the bill, whilst 25 voted against the plan, which is designed to stabilise the financial market by buying up bad debts.
The bill will now be handed to the House of Representatives, which are expected to vote on it this Friday. The House of Representatives rejected the original plan on Monday, but the revised plan now includes tax breaks for families and small businesses, and a rise in the savings guaranteed by the Government up from $100,000 to $250,000.