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1 Oct, 2008 22:43

Revised bailout plan approved by U.S. Senate

U.S. senators have approved the amended $US 700-billion rescue package aimed at preventing Wall Street imploding. It was passed by a wide margin of 74 to 25. The revised bailout will need the support of the House of Representatives on Friday to be implemented.

Observers are very unsure which way the House of Representatives vote will go.

Senate amended the bill to include tax breaks for business and the middle classes, and increase the amount of savings the government would guarantee.

On Monday, the House of Representatives rejected the original bill, with its critics saying it was unnecessary and costly.

Following that, the Dow Jones suffered its biggest point loss ever – U.S. companies lost $US 1.2 trillion of market capitalisation.