Business | Markets
Senate sets bank-rescue vote, House may act on Friday
The Democratic and Republican leaders of the US Senate predicted that a $700 billion financial-rescue package would win approval on Wednesday night and urged opponents in the House to drop their objections to the bill.
- Agencies
- Published: 00:42 October 2, 2008
- Image Credit: AP
- Rep. Peter DeFazio, D-Ore, left, speaks during a news conference on Capitol Hill in Washington, Tuesday, Sept. 30, 2008, to discuss a financial bailout plan. From left are, DeFazio, Rep. Lloyd Doggett, D-Texas, Rep. Donna Edwards, D-Md., Rep. Mazie Hirono, D-Hawaii, and Rep. Bobby Scott, D-Va.
Washington: The Democratic and Republican leaders of the US Senate predicted that a $700 billion financial-rescue package would win approval on Wednesday night and urged opponents in the House to drop their objections to the bill.
"There are a few people in the House who would rather we did this some other way,'' said Senate Majority Leader Harry Reid, a Nevada Democrat. "We've tried other ways. We've got to get this done.'' Minority Leader Mitch McConnell, a Kentucky Republican, forecast "victory'' and urged the House to take up the measure, which is designed to end a credit crunch and restore confidence in the nation's banking system.
The Senate will vote after 7:30 p.m., Washington time, on the legislation that links the rescue plan to an increase in bank-deposit-insurance limits and tax breaks. The House of Representatives will likely take action Friday, said Brendan Daly, a spokesman for House Speaker Nancy Pelosi.
The House rejected a rescue plan two days ago, and revisions were made to attract the votes of Republicans. Those changes might have soured House Democrats, Reid said.
House Majority Leader Steny Hoyer told MSNBC News that no Democrats who opposed the measure earlier this week have pledged to back it, and he's not aware that Republican support has increased either. "We don't have any more Democrats at this hour,'' he said.
The measure the Senate will take up tonight includes temporarily raising the limit on federal deposit insurance to $250,000 from $100,000. That increase was proposed by Republicans critical of the plan authorizing Treasury Secretary Henry Paulson to buy troubled debt from lenders.
More from Markets
More from Business
Business Editor's choice
-
Saudi-Bahraini economic ties hit new high
Whilst press reports continue speculating on a possible new political structure defining ties between Saudi Arabia and Bahrain, facts on the ground confirm ever- stronger economic ties between the two neighbours
-
Cupid targets the Fed with early tweets
Declarations range from pure romance to cute overtures and racier fare
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
