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| US Senate backs new bail-out bill | US Senate backs new bail-out bill |
| (10 minutes later) | |
| The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system. | The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system. |
| Senators voted 74 to 25 in favour of the emergency legislation designed to stabilise volatile markets and limit further damage to the economy. | Senators voted 74 to 25 in favour of the emergency legislation designed to stabilise volatile markets and limit further damage to the economy. |
| It included an increase in the level of government insurance for bank deposits and a raft of targeted tax breaks. | It included an increase in the level of government insurance for bank deposits and a raft of targeted tax breaks. |
| The plan will now go before the House of Representatives, which narrowly rejected a similar bill on Monday. | The plan will now go before the House of Representatives, which narrowly rejected a similar bill on Monday. |
| US presidential hopefuls John McCain and Barack Obama, who both support the rescue plan, returned from the campaign trail for the vote. 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 Will the US public buy the plan?Global shares mixed ahead of voteSend us your comments | |
| Senate majority leader Harry Reid, a Democrat, said he was happy with the result and praised both candidates. | |
| "I think it shows that when we work together we can accomplish good things," he said. | |
| "I think it speaks volumes that both of our presidential candidates are here and voting - both supporting this legislation." | |
| Speaking a few hours before the vote, President George W Bush said the bill needed to pass in order to calm volatile markets. | Speaking a few hours before the vote, President George W 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. | "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 is expected to vote on the revised version on Friday. | The House of Representatives is expected to vote on the revised version on Friday. |