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House backs $700bn bail-out plan House backs $700bn bail-out plan
(11 minutes later)
The US House of Representatives has voted by 263-171 in favour of a $700bn (£380bn) plan to rescue the US financial sector.The US House of Representatives has voted by 263-171 in favour of a $700bn (£380bn) plan to rescue the US financial sector.
The House vote was the second in a week, following its shock rejection of an earlier version on Monday.The House vote was the second in a week, following its shock rejection of an earlier version on Monday.
The package is aimed at buying up the bad debts of failing institutions on Wall Street.The package is aimed at buying up the bad debts of failing institutions on Wall Street.
The House adopted the new version after the Senate added about $100bn in new tax breaks to win Republican votes.The House adopted the new version after the Senate added about $100bn in new tax breaks to win Republican votes.
The Dow Jones Industrial Average had been buoyant ahead of the vote and remains more than 200 points up on the day.
'Catastrophe'
Legislators were hugely divided on the bill during the House debate.
Some who had voted "No" on Monday said they were switching because of the improvements to the bill but many of them still expressed serious reservations.
Others maintained their opposition, saying the bill was still a bail-out benefiting mainly Wall Street.
But House Speaker Nancy Pelosi was one of many to refer of those suffering on America's Main Street and said that urgent action was needed "to avoid economic catastrophe".
"The bright light of accountability will protect the taxpayer," she vowed.
Georgia Democrat John Lewis reflected the views of many when he said: "I have decided that the cost of doing nothing is greater than the cost of doing something."
South Carolina Republican J Gresham Barrett added: "No matter what we do or what we pass, there are still tough times out there. People are mad - I'm mad. We have to act. We have to act now."
The House rejected the earlier version by 228 votes to 205 on Monday.
The Senate passed an amended bill on Wednesday that raised the government's guarantee on savings from $100,000 to $250,000.
It also included tax breaks to help small businesses and to boost alternative energy, expanded the child tax credit and extended help to victims of recent hurricanes.