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| Version 5 | Version 6 |
|---|---|
| US senators to vote on bail-out | US senators to vote on bail-out |
| (about 6 hours later) | |
| The US Senate will vote on Wednesday on a version of a financial rescue package after the House of Representatives rejected the $700bn (£380bn) plan. | The US Senate will vote on Wednesday on a version of a financial rescue package after the House of Representatives rejected the $700bn (£380bn) plan. |
| The Senate version is expected to be similar to the House's initial plan, but will include some new measures to ease its passage through Congress. | The Senate version is expected to be similar to the House's 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. |
| "Working together, we are confident we will pass a responsible bill in the very near future," Senator Harry Reid and House of Representatives Speaker Nancy Pelosi wrote to President George W Bush. | "Working together, we are confident we will pass a responsible bill in the very near future," Senator Harry Reid and House of Representatives Speaker Nancy Pelosi wrote to President George W Bush. |
| The Senate is attaching the new plan to a bill that deals with renewable energy tax incentives. | The Senate is attaching the new plan to a bill that deals with renewable energy tax incentives. |
| 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 If it passes, the House of Representatives could be under pressure to accept some of the changes when it meets on Thursday. | 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 If it passes, the House of Representatives could be under pressure to accept some of the changes when it meets on Thursday. |
| However, some members of Congress are continuing to press for more fundamental changes, for instance for a system of insurance for bad loans, rather than the removal of the loans from the books of financial companies, says the BBC's Americas editor Justin Webb. | However, some members of Congress are continuing to press for more fundamental changes, for instance for a system of insurance for bad loans, rather than the removal of the loans from the books of financial companies, says the BBC's Americas editor Justin Webb. |
| Earlier President Bush had warned of "painful and lasting" consequences for the US should Congress fail to agree a rescue plan. | Earlier President Bush had warned of "painful and lasting" consequences for the US should Congress fail to agree a rescue plan. |
| 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%. |
| Possible momentum | Possible momentum |
| 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. class="lp" href="http://news.bbc.co.uk/1/hi/talking_point/default.stm">HAVE YOUR SAYThe current turmoil is either already affecting or will affect everyone - anyone who says they are not affected is sadly deluded. Michael Robinson, UK class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5388&edition=2&ttl=20081001122342">Send us your comments | |
| 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 measure will require 60 of the 100 senators to vote in favour in order to pass. | The measure will require 60 of the 100 senators to vote in favour in order to pass. |
| 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. |