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Senate agrees to revised bail-out package

Staff Reporter 1 minute read

The United States Senate has approved a revised financial system bail-out bill, after the House of Representatives rejected the original proposal earlier this week.

The revised bill passed easily through the senate with 74 votes for the scheme and just 25 against.

Legislators have attempted to sweeten the revised rescue plan through several measures including an increase on the limit of federal insured bank deposits from US$100,000 (A$126,110) to US$250,000 (A$315,255).

The bill now needs final approval from the House of Representatives before the Treasury can start to purchase troubled RMBS and establish some stability to the beleaguered financial system.

Published: 02-10-08

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