US senators to vote on financial rescue package
Published:Wednesday | October 1, 2008 | 10:49 AM
US senators will vote this evening on a revamped financial rescue package after the House of Representatives rejected an initial US$700 billion plan.
The new package is expected to be similar to the initial plan, but will include some new measures to ease its passage through Congress.
One of those new clauses will raise the government\'s guarantee on savings from $100,000 to $250,000.
The vote comes after senior Democrats pledged to find a bipartisan solution.
Senator Harry Reid and House of Representatives Speaker Nancy Pelosi wrote to President George W Bush saying they expected a bipartisan rescue plan to soon be approved.
Earlier President George W Bush had warned that the US economy was at a critical moment.
According to him the cost of not acting will be higher than the US$700 billion rescue deal.