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US $700bn bailout plan passed
US $700bn bailout plan passed
Last Modified: 03 Oct 2008
By:
Sarah Smith
In Washington on Capitol Hill, congressmen have voted through the administration's $700bn plan to bail out the financial sector.
The House of Representatives caused shockwaves across the world on Monday when it rejected the initial plan, amid warnings of an economic depression if it failed to pass it.
It's now voted for an amended plan, including tax breaks for small businesses and boosting alternative energy.
President Bush's statement
President Bush has just given his reaction to the House's vote for the administration's financial rescue package.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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