With seemingly softened Republican opposition, the $700 billion ‘sweetened’ bailout found a second life on Wednesday - winning lopsided passage in the Senate and gaining ground in the House, giving a major boost to the efforts for bailing out troubled American financial firms.
In a rare case of consensus between Senate Democrats and Republicans, the economic bailout bill - loaded with more than $100 billion in tax breaks and other aid – was passed by a wide margin, 74-25, and sent back to the House for a second chance on Friday. The bill, proposed by the Bush administration, with some modifications is aimed at reinvigorating worldwide credit markets and interbank lending that had frozen up while overleveraged financial institutions staggered under the weight of failed mortgages.
Should investors still feel concerned about the efficiency of this rescue plan?
How this plan can help the global economy?
In a rare case of consensus between Senate Democrats and Republicans, the economic bailout bill - loaded with more than $100 billion in tax breaks and other aid – was passed by a wide margin, 74-25, and sent back to the House for a second chance on Friday. The bill, proposed by the Bush administration, with some modifications is aimed at reinvigorating worldwide credit markets and interbank lending that had frozen up while overleveraged financial institutions staggered under the weight of failed mortgages.
Should investors still feel concerned about the efficiency of this rescue plan?
How this plan can help the global economy?