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The Senate agreed to vote on Wednesday night on a $700 billion financial rescue package that will include a sharp increase in the amount of bank deposits insured by the FDIC, but also includes a package of tax breaks the House of Representatives has rejected.
Senate Democratic leader Harry Reid received unanimous consent from the Senate on Tuesday to schedule the vote on the revised package the White House says is needed to avoid a broad economic downturn.
The rescue plan, which would allow the Treasury Department to buy problem mortgage-related assets from banks, had been the main hope for government action to unlock credit markets and head off a deeper economic downturn in the United States and abroad.
But Senate leaders attached the measure to a package to extend business and energy tax breaks that a number of House Democrats have opposed, which could imperil votes there after Monday's narrow defeat of the original bill.
House Republicans leaders quickly embraced the revised package, while House Democratic leaders issued cautious statements.
In a stunning vote on Monday that sent global markets reeling, the House rejected the bailout largely with opposition from conservative Republicans who may be lured to support a new package with the tax breaks.
"We welcome the progress made by Senators Reid and (Senate Republican leader Mitch) McConnell toward a modified bill and to schedule a vote," said White House spokesman Tony Fratto.
House Minority Leader John Boehner "was consulted on (the revised package) and gave it the green light," his spokesman said
New mortgage bailout plan: Do you qualify? - Buying a House - MSN Real ...
As the Bush administration unveils its plan to help homeowners, we look at the proposal's details. By BusinessWeek.com
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New subprime bailout on the table - Jan. 31, 2008
NEW YORK (CNNMoney.com) -- A proposal to bail out subprime mortgage borrowers who are at risk of foreclosure was ... Zandi, chief economist for Moody's Economy.com, suggested a plan ...
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Paulson Bailout Plan a Historic Swindle
Thomas Ferguson & Robert Johnson: The Paulson/Bernanke bailout plan is not the way to go, unless ... A kindred critic, Josh Rosner of Graham Fisher in New York, defined the sponsors of ...
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Bailout Plan: Your Vote?
We began this day by posting a lighthearted question -- about favorite Paul Newman films. Since then, the stock market has plunged by nearly 800 points and Americans have lost $1.1 ...
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Government planning a new bailout - Sep. 18, 2008
The federal government, in what will be its most far-reaching attempt yet to contain the financial crisis, is poised to establish a program to let banks get rid of mortgage-related ...
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Revamped bailout faces new vote
WASHINGTON/LONDON (Reuters) - A revamped financial rescue plan aimed at restoring market confidence faces a vote by the Senate late on Wednesday, reviving hopes that the lawmakers can turn the tide in the global banking crisis. The crisis has toppled ...
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Source: Reuters
NewsDateTime: 1 hour ago
Futures drop before bailout vote, GE lower
NEW YORK (Reuters) - Stock index futures fell on Wednesday on signs of continued strains in the credit markets and nervousness before a Senate vote on a revamped rescue plan for the financial sector. A day after Wall Street notched its best day in ...
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Source: MSN MoneyCentral
NewsDateTime: 15 minutes ago
FOREX-Dollar consolidates, awaits US bailout vote
... Reuters) - The dollar eased slightly against the euro
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Source: Reuters
NewsDateTime: 22 minutes ago
Most Asian markets recover on hopes for US bailout
Senate was to vote Wednesday on a revised bailout plan, with a House revote expected later in the week. In New York, the Dow Jones industrial average surged nearly 500 points after plunging 777 points on Monday.
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Source: Washington Post
NewsDateTime: 1 hour ago
US STOCKS-Futures drop before bailout vote, GE lower
NEW YORK, Oct 1 (Reuters) - U.S. stock index futures fell on Wednesday on signs of continued strains in the credit markets and nervousness before a Senate vote on a revamped rescue plan for the financial sector. A day after Wall Street notched its ...
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Source: Reuters UK
NewsDateTime: 22 minutes ago
McCain: I wanna go and moose-hunt with her. And then we can, maybe we can have a look. Couric: Experts say it'll take almost 20 years and it would …to achieve peak production … in ANWR. And it would still only cut foreign oil dependence by about two percent and only for a little while … so is it really worth … Palin: Yeah, I don't know who the … Couric: The risk? Palin: …experts are who say that it would take 20 years. As the governor of an energy-producing state, we're supplying 16, 17 percent of the U.S. domestic supply of energy coming from my state. And as the former chairman of the Interstate Oil and Gas Conservation Commission, the geologists, the petroleum engineers whom I speak with are saying it can be done a lot quicker than 20 years from now. And, remember ANWR is a 2,000-acre plot that's in the midst of 21 million acres. That's not where the supply of domestic energy sources is, though, necessarily. I mean, that's not the be-all, end-all. Offshore is where the supply of energy is. And we'll tap into that.
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