The US House has approved Bush’s $ 700 Billion Bailout Plan to save the
US financial market in the second attempt after some modifications,
including tax cuts, were introduced to it, in a improvised reaction to
revive it after it was rejected on Monday.
The plan has been
approved by 263 votes to 171, with Democrat representatives voting
massively for it while iin the republican side the “Nay” won over the
“Yea” by a narrow margin.
The Plan, mainly consisting in a $700
billion bailout to buy toxic mortgage-related securities from failing
financial institutions has arisen quite a deal of controversy among
citizens as well as among congressmen who were not convinced by the
idea of paying wall-street risk-takers wrongdoing with taxpayers money.
Official Links
- House of Representatives homepage
- Information up-to-the-second at House of Representatives' Floor Summary
In-Depth Analysis
- Forex News - USD: Political decisions in the limelight now by Erste Bank der oesterreichischen Sparkassen AG
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