This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/world/americas/7645470.stm
The article has changed 8 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| US senators to vote on bail-out | US senators to vote on bail-out |
| (about 2 hours later) | |
| US senators will vote on Wednesday on a revamped financial rescue package after the House of Representatives rejected an initial $700bn (£380bn) plan. | US senators will vote on Wednesday on a revamped financial rescue package after the House of Representatives rejected an initial $700bn (£380bn) plan. |
| The new package is expected to be similar to the initial plan, but will include some new measures to ease its passage through Congress. | The new package is expected to be similar to the initial plan, but will include some new measures to ease its passage through Congress. |
| One of those new clauses will raise the government's guarantee on savings from $100,000 to $250,000. | One of those new clauses will raise the government's guarantee on savings from $100,000 to $250,000. |
| The vote comes after senior Democrats pledged to find a bipartisan solution. | The vote comes after senior Democrats pledged to find a bipartisan solution. |
| Senator Harry Reid and House of Representatives Speaker Nancy Pelosi wrote to President George W Bush saying they expected a bipartisan rescue plan to soon be approved. | Senator Harry Reid and House of Representatives Speaker Nancy Pelosi wrote to President George W Bush saying they expected a bipartisan rescue plan to soon be approved. |
| "Working together, we are confident we will pass a responsible bill in the very near future," they said. | "Working together, we are confident we will pass a responsible bill in the very near future," they said. |
| Earlier President Bush had warned that the consequences would be "painful and lasting" if a rescue deal was not agreed. | |
| Possible momentum | Possible momentum |
| The Dow Jones index closed up 4.7% on Tuesday, recouping some losses from Monday's rout, after the markets reacted favourably to the president's statement. | The Dow Jones index closed up 4.7% on Tuesday, recouping some losses from Monday's rout, after the markets reacted favourably to the president's statement. |
| Markets in Japan and Australia saw gains as they opened on Wednesday morning, with the Nikkei climbing 1.2%. | Markets in Japan and Australia saw gains as they opened on Wednesday morning, with the Nikkei climbing 1.2%. |
| We're facing a choice between action and the real prospect of economic hardship for millions of Americans President Bush Q&A: US $700bn rescue plan | We're facing a choice between action and the real prospect of economic hardship for millions of Americans President Bush Q&A: US $700bn rescue plan |
| Analysts say the Senate is more likely to pass the bill because senators are not facing the same pressure from voters as members of the House. | Analysts say the Senate is more likely to pass the bill because senators are not facing the same pressure from voters as members of the House. |
| All representatives face re-election in November compared with only one-third of senators. | All representatives face re-election in November compared with only one-third of senators. |
| The BBC's Jonathan Beale, in Washington, says a positive vote in the Senate is likely to give the bill momentum when it goes back to the House. | The BBC's Jonathan Beale, in Washington, says a positive vote in the Senate is likely to give the bill momentum when it goes back to the House. |
| Presidential candidates John McCain and Barack Obama, who both support Mr Bush's efforts to bail out the economy, say they will return from campaigning to vote in the Senate. | Presidential candidates John McCain and Barack Obama, who both support Mr Bush's efforts to bail out the economy, say they will return from campaigning to vote in the Senate. |
| 'Not the end' | 'Not the end' |
| Mr Bush said at the White House: "We are in an urgent situation and the consequences will grow worse each day if we do not act." | Mr Bush said at the White House: "We are in an urgent situation and the consequences will grow worse each day if we do not act." |
| The economy was depending on "decisive action on the part of our government", he added. | The economy was depending on "decisive action on the part of our government", he added. |
| He said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process". | He said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process". |
| "Our country is not facing a choice between government action and the smooth functioning of the free market," he said. | "Our country is not facing a choice between government action and the smooth functioning of the free market," he said. |
| "We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he warned. | "We're facing a choice between action and the real prospect of economic hardship for millions of Americans," he warned. |