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Senate urged to back crisis bill Senate urged to back crisis bill
(about 1 hour later)
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.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.
Republican Mitch McConnell said it would shield Americans from "shockwaves of a problem they didn't create".Republican Mitch McConnell said it would shield Americans from "shockwaves of a problem they didn't create".
The plan needs support in the Senate and House of Representatives, which rejected a similar bill on Monday.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".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.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 voteMr Biden, Mr Obama's running mate, is also expected to take part in the Senate vote
Revised proposalRevised proposal
Analysts suggest the revised package to bail-out the US financial system is likely to pass. Global shares were mixed in Wednesday trading ahead of the vote.
Barack Obama warned the economic crisis could cost millions of jobs In early trading on Wall Street the Dow Jones was down 119 points, or 1.1%, at 10,732.
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. 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="/1/hi/business/7631321.stm">Q&A: US $700bn bail-out package
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. Hopes that enough changes had been made to get the bill through saw shares close up strongly in Asia on Wednesday.
One of the changes involves lifting the government's guarantee on savings from $100,000 (£56,000) to $250,000. However, sentiment was more cautious in Europe. The UK's FTSE 100 was up 77 points, or 1.6%, at 4,977 in afternoon trading while German and French shares fell.
Changes involve lifting the government's guarantee on savings from $100,000 (£56,000) 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.
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.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.
The House's rejection of an 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
  • 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 Tuesday, Mr McCain and Mr Obama urged politicians of both parties to work together to pass emergency legislation. Analysts suggest the revised package to bail-out the US financial system is likely to pass.
In election campaigning on Tuesday, Mr McCain and Mr Obama urged politicians of both parties to work together to pass the emergency legislation.
John McCain said inaction by Congress was putting the US at riskJohn 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.