Senate Approves New Rescue Plan, Now On to the House
The U.S. Senate on Wednesday night approved a new version of a $700 billion rescue plan for the troubled financial system that has significantly impacted the nation's economy.
Senators voted 74 to 25 in favor of the emergency legislation, which is designed to buy up bad debts and stabilize financial markets. It includes tax breaks for families and businesses, among other measures designed to win over those who are weary about the plan.
The plan will now go before the House of Representatives, which narrowly rejected a similar bill on Monday.
President George W. Bush praised Senate leaders for making "vital improvements to the rescue package" and urged the House to approve the measures.
Published on October 2, 2008
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