US Senate votes for bailout plan
Updated on 02 October 2008
The US Senate has voted by a significant majority in favour of the £700bn bailout out plan for the American economy.
Last night's decision was in contrast to Monday's vote by the House of Representatives, the lower house in the US Congress, which rejected the package.
A bipartisan coalition of senators, including presidential candidates John McCain and Barack Obama, supported the proposal, with 74 votes in favour and 25 votes against.
Obama: 'Now is not the time to argue.'
Presidential hopeful Barack Obama addressing the senate last night.
In his speech to the senate, Senator Obama referred to the fall in world markets in the wake of Monday's vote, warning that "the consequences of the credit crisis that caused it will be even worse if we do not act now".
McCain goes on the attack
Presidential hopeful John McCain in an address prior to the Senate vote last night.
The plan now returns to the House of Representatives. It is hoped that a series of additions to the original bailout package, including $150bn in tax breaks for individuals and businesses, will ensure a reversal of Monday's vote.
The senate vote had little effect on markets in the far east, which rose ahead of the vote and then fell on news that the plan had been endorsed.
