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The Senate has voted in favour of the repackaged $700 billion rescue plan for the US financial system by a ratio of almost three to one.
While 25 senators were against the proposals, 74 were behind the plan, which will now head to the House of Representatives for its approval.
A previous version of the bill was rejected by the body on Monday, causing turmoil in the markets.
But the Senate's decision has increased optimism among traders, as Robert Bergqvist of SEB bank told Sweden's TT news agency.
"We've taken an important step forward, but it's not over yet," he remarked. "We'll have to wait for the House of Representatives, but it's hard to believe that they would say no to this."
President George W. Bush continued to urge the House to pass the bill, calling it "essential" to the financial security of US citizens.
He said that he expects the amendments made to the bill by the Senate will be enough to appease members and persuade them to vote in favor.
"I believe members of both parties in the House can support this legislation," he commented.
In Focus: $700bn bailout given Senate backing
The Senate has voted in favour of the repackaged $700 billion rescue plan for the US financial system by a ratio of almost three to one.While 25 senators were against the proposals, 74 were behind the plan, which will now head to the House of Representatives for its approval.
A previous version of the bill was rejected by the body on Monday, causing turmoil in the markets.
But the Senate's decision has increased optimism among traders, as Robert Bergqvist of SEB bank told Sweden's TT news agency.
"We've taken an important step forward, but it's not over yet," he remarked. "We'll have to wait for the House of Representatives, but it's hard to believe that they would say no to this."
President George W. Bush continued to urge the House to pass the bill, calling it "essential" to the financial security of US citizens.
He said that he expects the amendments made to the bill by the Senate will be enough to appease members and persuade them to vote in favor.
"I believe members of both parties in the House can support this legislation," he commented.
