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| Version 14 | Version 15 |
|---|---|
| House set for fresh bail-out vote | House set for fresh bail-out vote |
| (20 minutes later) | |
| The US House of Representatives is debating a $700bn (£380bn) plan to rescue the US financial sector and is expected to vote within a few hours. | The US House of Representatives is debating a $700bn (£380bn) plan to rescue the US financial sector and is expected to vote within a few hours. |
| Party leaders are hoping the House, which stunned global markets by rejecting the initial plan, will follow the Senate and back a new version. | Party leaders are hoping the House, which stunned global markets by rejecting the initial plan, will follow the Senate and back a new version. |
| The Senate bill added about $100bn in new tax breaks in the hope of gaining more support from House Republicans. | The Senate bill added about $100bn in new tax breaks in the hope of gaining more support from House Republicans. |
| The package is aimed at buying up the bad debts of failing institutions. | The package is aimed at buying up the bad debts of failing institutions. |
| The New York stock exchange opened shortly after the debate began and the Dow Jones Industrial Average jumped more than 200 points in morning trading. | The New York stock exchange opened shortly after the debate began and the Dow Jones Industrial Average jumped more than 200 points in morning trading. |
| Bush plea | Bush plea |
| As the House debate opened, many of the legislators told stories of the hardship being suffered by constituents but were divided on whether the bill would help ordinary Americans. | As the House debate opened, many of the legislators told stories of the hardship being suffered by constituents but were divided on whether the bill would help ordinary Americans. |
| Democrat Rahm Emanuel said addressing the balance sheets of banks was "only the first step". | Democrat Rahm Emanuel said addressing the balance sheets of banks was "only the first step". |
| NEW MEASURES IN BAIL-OUT BILL Increased protection for saving depositsIncreased child tax creditsMore aid for hurricane victimsTax breaks for renewable energyHigher starting limits to alternative minimum tax | NEW MEASURES IN BAIL-OUT BILL Increased protection for saving depositsIncreased child tax creditsMore aid for hurricane victimsTax breaks for renewable energyHigher starting limits to alternative minimum tax |
| "The next step must now address the chequebooks for middle class families and the struggles that they face." | "The next step must now address the chequebooks for middle class families and the struggles that they face." |
| Fellow Democrat Peter DeFazio said he would continue to vote "No". | Fellow Democrat Peter DeFazio said he would continue to vote "No". |
| "Do not [authorise] George Bush an unprecedented use of financial force under the threat of financial weapons of mass destruction." | "Do not [authorise] George Bush an unprecedented use of financial force under the threat of financial weapons of mass destruction." |
| House Republican leader John Boehner said the bill might not be perfect but he was optimistic it would pass. "It's time to act," he said. | House Republican leader John Boehner said the bill might not be perfect but he was optimistic it would pass. "It's time to act," he said. |
| Republican Virginia Foxx and Democrat Steven Cohen speaking ahead of the vote | |
| The lawmakers have passed a measure by 223-205 allowing a final vote on Friday. | The lawmakers have passed a measure by 223-205 allowing a final vote on Friday. |
| President Bush has urged the House to back the revised bill following the rejection by 228 votes to 205 on Monday. | President Bush has urged the House to back the revised bill following the rejection by 228 votes to 205 on Monday. |
| Both the Democratic and Republican parties are pressing their members in the House to swing behind the revised bill and party leaders expect it to pass. | Both the Democratic and Republican parties are pressing their members in the House to swing behind the revised bill and party leaders expect it to pass. |
| Pressure will particularly be applied to the 133 House Republicans who went against party affiliation to reject the bill, correspondents say. | Pressure will particularly be applied to the 133 House Republicans who went against party affiliation to reject the bill, correspondents say. |
| The bill successfully passed through the Senate on Wednesday after it was amended to raise the government's guarantee on savings from $100,000 to $250,000. | The bill successfully passed through the Senate on Wednesday after it was amended to raise the government's guarantee on savings from $100,000 to $250,000. |
| I have decided that the cost of doing nothing is greater than the cost of doing something John Lewis, Democrat, Georgia Bail-out hopes send stocks upSend us your comments | |
| It also now includes tax breaks to help small businesses, expand the child tax credit and extend help to victims of recent hurricanes. | It also now includes tax breaks to help small businesses, expand the child tax credit and extend help to victims of recent hurricanes. |
| Most importantly, it extends the tax break aimed at boosting the provision of alternative energy such as wind farms. | Most importantly, it extends the tax break aimed at boosting the provision of alternative energy such as wind farms. |
| The additional cost of these unrelated tax breaks - which could add $100bn to the bill - have worried some fiscally conservative Democrats in the House of Representatives. | The additional cost of these unrelated tax breaks - which could add $100bn to the bill - have worried some fiscally conservative Democrats in the House of Representatives. |
| The US witnessed more evidence of the financial volatility on Friday. | The US witnessed more evidence of the financial volatility on Friday. |
| US bank Wells Fargo announced it would buy troubled rival Wachovia in a $15.1bn (£8.5bn) deal, while the US also reported its biggest monthly job loss in more than five years. | US bank Wells Fargo announced it would buy troubled rival Wachovia in a $15.1bn (£8.5bn) deal, while the US also reported its biggest monthly job loss in more than five years. |