Updated: 3:40 pm ET, October 02
-366.30(-3.38%)Dow 10,464.77-86.95(-4.20%)Nasdaq 1,982.45-46.86(-4.04%)S&P 1,114.20
Bailout bill heads back to House
The strong bipartisan Senate vote for a $700 billion economic bailout package puts more pressure on Republican members to back the measure if it comes up for a vote in the House, Republican leadership aides said.
عيدك مبارك
نزول اليوم ما شئ أحسن منه تدرون ليش عشان يرتد باجر أهم شئ إغلاق يوم الجمعه وبس
تصبحون على خير لا تحاتون إن شاء الله خير
سنعرف يوم الاثنين القادم بعد اغلاق اسواقهم
والمطوب منا الان ماذا بالضبط؟؟
نفرح ام نحزن؟
يعرفون ان الخطه سيتم الاتفاق عليها من قبل الكونجرس بعد ايام…يحاولون ينزلون السوق لسببين
شراء الاسهم باسعار ارخص…
والضغط الزائد على النواب والكونجرس…
WASHINGTON (CNN) — The strong bipartisan Senate vote for a $700 billion economic bailout package will put more pressure on Republican members to back the measure if it comes up for a vote in the U.S. House, Republican leadership aides said.
The U.S. House is expected to vote on the bailout package on Friday.
The Senate approved the modified financial rescue plan in a 74-25 vote Wednesday night.
Democratic leadership aides said the House vote could occur at midday Friday. A vote on the bailout package on Monday failed in the House after a majority of Republican members voted against the bill.
“The strong vote is helpful. We believe the House has a better chance to pass this bill than the one it considered on Monday,” a Republican leadership aide said after Wednesday night’s vote. “Having said that, we’re going to need more Democrat and Republican votes to pass this bill in the House.” Follow the plan with the Bailout Tracker »
Another Republican leadership aide said the Senate vote “puts more pressure on the House to get the bill done.”
Congressional leaders on Wednesday added “sweeteners” to the financial bailout plan to entice enough House members, particularly Republicans, to pass the plan, which failed in the House on Monday.
Senate bailout bill
The Senate bill passed Wednesday night included measures that:
Allow Treasury Secretary Henry Paulson to buy up to $700 billion in bad mortgage-related securities and other bad assets.
Allow the Treasury Department to modify mortgage terms to help homeowners avoid foreclosure.
Permit the government to receive equity in companies it helps so taxpayers get a share of any future profits.
Restrict executive pay for companies aided by the program.
Create an independent oversight board to oversee the Treasury Department program.
Source: Senate Banking Committee The measures — a mix of tax extensions, an increase in federal deposit insurance and other measures — include many items that are appealing to Republicans.
President Bush on Thursday urged the House to pass an “improved” bill.
Bush said the plan “has got the best chance” to help small-business owners function.
Rep. Barney Frank, chief Democratic negotiator of the bill in the House, said the House has a better chance of passing the bill the second time around.
“The reality has hit some members,” Frank said late Wednesday, adding, “The main change is reality. It’s not possible now to scoff at the predictions of doom if we don’t do anything.” Watch reaction to the Senate’s passage of the bill »
Speaker Nancy Pelosi indicated the House “will act in a bipartisan way to restore market confidence as well as Main Street’s confidence in our economic future.”
The modified bailout package included the core measures the House rejected — a plan that would allow Treasury Secretary Henry Paulson to buy up to $700 billion in bad mortgage-related securities and other bad assets that are undermining credit markets worldwide — as well as a mix of other measures that previously passed in the Senate.
The bailout plan has new provisions, including an increase in the Federal Deposit Insurance Corp. cap from $100,000 to $250,000. It makes $250 billion immediately available to purchase bank assets, leaving $100 billion at the president’s discretion and $350 billion subject to congressional review.
The bill also includes a “mental-health parity” provision, which would require health insurance companies to cover mental illness at parity with physical illness.
Because tax bills must originate in the House, the Senate attached the rescue plan to a bill that deals with renewable energy tax incentives. This allowed the Senate to vote before the House to approve a bailout bill.
“I would not have moved forward on this if I didn’t think the chance in the House was good,” said Senate Majority Leader Harry Reid, D-Nevada.