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Senate urged to back crisis bill Senate urged to back crisis bill
(30 minutes later)
Democratic and Republican Senate leaders have appealed for a new version of a $700bn (£380bn) rescue plan for the economy to be approved in a vote. President Bush and Senate leaders have appealed for a new version of a $700bn (£380bn) economic rescue plan to be approved in a vote on Wednesday night.
Senate Democrat leader Harry Reid said "inaction is not an option" and stressed the bill was "not a bail-out for Wall Street, but for the country".Senate Democrat leader Harry Reid said "inaction is not an option" and stressed the bill was "not a bail-out for Wall Street, but for the country".
President George W Bush urged senators to take the bill "very seriously". Mr Bush urged senators to take the bill "very seriously" and to pass it.
The plan also needs support in the House of Representatives, which rejected a similar bill on Monday.The plan also needs support in the House of Representatives, which rejected a similar bill on Monday.
Speaking a few hours before the vote is expected, President George W Bush said the bill needed to pass in order to calm volatile markets. Speaking a few hours before the vote, Mr Bush said the bill needed to pass in order to calm volatile markets.
"It's very important for us to pass this piece of legislation so as to stabilise the situation - so that it doesn't get worse and then our fellow citizens lose wealth and work," he said. CHANGES TO BILL Raises government's guarantee on savings from $100,000 to $250,000Tax breaks to help small businesses and promote renewable energyExpansion of child tax credit and help for victims of recent hurricanes class="" href="/1/hi/world/americas/7646181.stm">Will the US public buy the plan? class="" href="/1/hi/business/7645645.stm">Global shares mixed ahead of vote class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5388&edition=1">Send us your comments "It's very important for us to pass this piece of legislation so as to stabilise the situation - so that it doesn't get worse and then our fellow citizens lose wealth and work," he said.
The House of Representatives would vote on a revised version on Friday, the president said.The House of Representatives would vote on a revised version on Friday, the president said.
US presidential hopefuls John McCain and Barack Obama are returning from their campaign trail for the vote, which is due to begin about 1930 (2330 GMT).US presidential hopefuls John McCain and Barack Obama are returning from their campaign trail for the vote, which is due to begin about 1930 (2330 GMT).
Senate Republican leader Mitch McConnell said he was optimistic for a "bipartisan victory".Senate Republican leader Mitch McConnell said he was optimistic for a "bipartisan victory".
Revised proposalRevised proposal
Global markets were volatile on Wednesday ahead of the vote.Global markets were volatile on Wednesday ahead of the vote.
By early afternoon on Wall Street the Dow Jones was down 0.2% or 30 points.By early afternoon on Wall Street the Dow Jones was down 0.2% or 30 points.
CHANGES TO BILL Raises government's guarantee on savings from $100,000 to $250,000Tax breaks to help small businesses and promote renewable energyExpansion of child tax credit and help for victims of recent hurricanes class="" href="/1/hi/world/americas/7646181.stm">Will the US public buy the plan? class="" href="/1/hi/business/7645645.stm">Global shares mixed ahead of vote class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5388&edition=1">Send us your comments There will be a time to punish those who set this fire, but now is the moment for us to come together and put the fire out Barack Obama But hopes that enough changes had been made to get the bill through saw shares close up strongly in Asia on Wednesday.
But hopes that enough changes had been made to get the bill through saw shares close up strongly in Asia on Wednesday.
In Europe, the UK's FTSE 100 finished 1.1% higher at 4,959.6 points, France's key index added 0.6% while German shares fell.In Europe, the UK's FTSE 100 finished 1.1% higher at 4,959.6 points, France's key index added 0.6% while German shares fell.
Changes to the rescue plan involve lifting the US government's guarantee on savings from $100,000 to $250,000 and a package of targeted tax breaks.Changes to the rescue plan involve lifting the US government's guarantee on savings from $100,000 to $250,000 and a package of targeted tax breaks.
They are designed to answer critics who felt the original plan was weighted too much in favour of Wall Street while not enough was being done to help struggling American families.They are designed to answer critics who felt the original plan was weighted too much in favour of Wall Street while not enough was being done to help struggling American families.
To get through the Senate, the bill will require backing by 60 of the 100 senators. It would then return to the House of Representatives for a vote on Thursday or Friday.To get through the Senate, the bill will require backing by 60 of the 100 senators. It would then return to the House of Representatives for a vote on Thursday or Friday.
Some members of Congress continue to press for more fundamental changes to the bill, says the BBC's Americas editor Justin Webb.Some members of Congress continue to press for more fundamental changes to the bill, says the BBC's Americas editor Justin Webb.
President Bush has warned of "painful and lasting" consequences for the US should Congress fail to agree a rescue plan.President Bush has warned of "painful and lasting" consequences for the US should Congress fail to agree a rescue plan.
The House's rejection of the earlier version of the plan on Monday led to sharp falls on world stock markets.The House's rejection of the earlier version of the plan on Monday led to sharp falls on world stock markets.
In other developments:In other developments:
  • The European Union outlines its own proposals for reforming banking regulation which, if approved, could see dramatic changes to the way in which banks operate
  • Russian Prime Minister Vladimir Putin says the "irresponsibility" of the US financial system is to blame for the crisis
  • Ireland's government discusses a move to guarantee all bank deposits with the EU Competition Commissioner
  • The European Union outlines its own proposals for reforming banking regulation which, if approved, could see dramatic changes to the way in which banks operate
  • Russian Prime Minister Vladimir Putin says the "irresponsibility" of the US financial system is to blame for the crisis
  • Ireland's government discusses a move to guarantee all bank deposits with the EU Competition Commissioner
'Painful recession''Painful recession'
In election campaigning on the eve of the vote, Mr McCain and Mr Obama urged politicians of both parties to work together to pass the emergency legislation.In election campaigning on the eve of the vote, Mr McCain and Mr Obama urged politicians of both parties to work together to pass the emergency legislation.
Speaking in Reno, Nevada, Mr Obama warned that without action by Congress "millions of jobs could be lost, a long and painful recession could follow".Speaking in Reno, Nevada, Mr Obama warned that without action by Congress "millions of jobs could be lost, a long and painful recession could follow".
John McCain said inaction by Congress was putting the US at riskHe added: "There will be a time to punish those who set this fire, but now is the moment for us to come together and put the fire out."John McCain said inaction by Congress was putting the US at riskHe added: "There will be a time to punish those who set this fire, but now is the moment for us to come together and put the fire out."
Mr McCain, who campaigned in Des Moines, Iowa, said inaction by Congress had "put every American and the entire economy at the gravest risk" and that Washington urgently needed to show leadership.Mr McCain, who campaigned in Des Moines, Iowa, said inaction by Congress had "put every American and the entire economy at the gravest risk" and that Washington urgently needed to show leadership.
"I am disappointed at the lack of resolve and bipartisan goodwill among members of both parties to fix this problem," he said."I am disappointed at the lack of resolve and bipartisan goodwill among members of both parties to fix this problem," he said.
The vote comes a day before a TV debate between vice-presidential candidates Joe Biden and Sarah Palin.The vote comes a day before a TV debate between vice-presidential candidates Joe Biden and Sarah Palin.
Mr Biden, Mr Obama's running mate, is also expected to take part in the Senate vote.Mr Biden, Mr Obama's running mate, is also expected to take part in the Senate vote.
Meanwhile, ex-President Bill Clinton is to hold his first rally for Mr Obama.Meanwhile, ex-President Bill Clinton is to hold his first rally for Mr Obama.
Mr Clinton, whose wife Hillary lost to Mr Obama in a fierce primary contest for the Democratic nomination, is due to appear in Florida, where he will encourage people to register as voters before a deadline on Monday.Mr Clinton, whose wife Hillary lost to Mr Obama in a fierce primary contest for the Democratic nomination, is due to appear in Florida, where he will encourage people to register as voters before a deadline on Monday.