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US rivals to vote on crisis bill Senate urged to back crisis bill
(about 1 hour later)
US presidential hopefuls John McCain and Barack Obama are returning from the campaign trail for a key Senate vote on a rescue plan for troubled Wall Street. Democratic and Republican Senate leaders have appealed for a new version of a $700bn (£380bn) Wall Street bail-out to be approved in a key vote.
A version of the $700bn (£380bn) bank rescue plan was rejected in the House of Representatives on Monday and needs both House and Senate backing. Republican Mitch McConnell said it would shield Americans from "shockwaves of a problem they didn't create".
Global shares were mixed in Wednesday trading ahead of the vote. The plan needs support in the Senate and House of Representatives, which rejected a similar bill on Monday.
Senate Democrat Harry Reid said he hoped a strong show of bipartisanship would "spark the House to do the same".
US presidential hopefuls John McCain and Barack Obama are returning from the campaign trail for the vote, which is due to begin late on Wednesday.
The vote also comes a day before a TV debate between vice-presidential candidates Joe Biden and Sarah Palin.The vote also 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, which is to begin late on Wednesday. Mr Biden, Mr Obama's running mate, is also expected to take part in the Senate vote
Revised proposal
Analysts suggest the revised package to bail-out the US financial system is likely to pass.Analysts suggest the revised package to bail-out the US financial system is likely to pass.
John McCain said inaction by Congress was putting the US at risk Barack Obama warned the economic crisis could cost millions of jobs
Hopes that enough changes had been made to get the bill through saw shares close up strongly in Asia on Wednesday. Global shares were mixed in Wednesday trading. Hopes that enough changes had been made to get the bill through saw shares close up strongly in Asia on Wednesday.
However, sentiment was more cautious in Europe, and while UK stocks have risen, German and French shares have fallen. However, sentiment was more cautious in Europe, and while UK stocks have risen, German and French shares have fallen. US shares fell in early trading.
One of the changes involves lifting the government's guarantee on savings from $100,000 (£56,000) to $250,000.One of the changes involves lifting the government's guarantee on savings from $100,000 (£56,000) to $250,000.
To get through the Senate, the bill will require the backing by 60 of the 100 senators. It will then return to the House of Representatives on Thursday. To get through the Senate, the bill will require the backing by 60 of the 100 senators. It would then return to the House of Representatives on Thursday.
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 George W Bush has warned of "painful and lasting" consequences for the US should Congress fail to agree a rescue plan.President George W Bush has warned of "painful and lasting" consequences for the US should Congress fail to agree a rescue plan.
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
  • 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
'Painful recession''Painful recession'
In election campaigning on Tuesday, Mr McCain and Mr Obama urged politicians of both parties to work together to pass emergency legislation.In election campaigning on Tuesday, Mr McCain and Mr Obama urged politicians of both parties to work together to pass emergency legislation.
Shares remain volatile ahead of Wednesday's key vote John McCain said inaction by Congress was putting the US at risk
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".
He 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."He 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 good will among members of both parties to fix this problem," he said."I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem," he said.
Mr McCain was expected to return to Washington after giving a speech on the economy in Missouri on Wednesday. Mr Obama was to travel to the capital following a rally in Wisconsin.Mr McCain was expected to return to Washington after giving a speech on the economy in Missouri on Wednesday. Mr Obama was to travel to the capital following a rally in Wisconsin.
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.
A new ABC-Washington Post poll suggests Mr Obama continues to hold a slight lead over Mr McCain among likely voters, with more voters trusting him to handle the economic crisis.A new ABC-Washington Post poll suggests Mr Obama continues to hold a slight lead over Mr McCain among likely voters, with more voters trusting him to handle the economic crisis.
The same poll gave Mr Bush a record 70% disapproval rating on his job performance. Only 26% said they approved of the job he was doing, the lowest rating of his time in office.The same poll gave Mr Bush a record 70% disapproval rating on his job performance. Only 26% said they approved of the job he was doing, the lowest rating of his time in office.