News / Politics
Senate To Vote on Amended $700 Billion Bailout Crisis Bill on Wednesday
The U.S. Senate will vote on the $700 billion financial industry crisis bailout bill on Wednesday, two days after the bill failed in the House of Representatives.
The bill has added some revisions, which include an increase in the size of bank deposits insured by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000.
The U.S. House voted against the bill 228-205. The Republicans were the bulk of the nay votes, earning twice as many nay votes as yay votes.
The bill, which is officially known as the The Emergency Economic Stabilization Act of 2008, was proposed by Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke, and was also backed by President George W. Bush.
President Bush has made a nationally televised speech and met with congressional leaders, including Sen. Barack Obama and Sen. John McCain, the two main presidential candidates, at the White House in an effort to round up votes to pass the legislation.
In addition, a letter was written to Congress by more than 50 business trade groups to urge the Senate and House to pass the bill in order to "to prevent a meltdown" of the country's capital markets.
National Association of Manufacturers, the American Banking Association and the National Association of Realtors are amongst the groups that signed the letter.
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