Senate Passes Sweetened $700 Billion Bailout

The U.S. Senate voted in favor of a revised $700 billion bailout bill Wednesday night, breathing life back into closely watched legislation that supporters say will revive paralyzed credit markets in the United States.

The White House and European policy makers have called the measure crucial to world financial health with recessionary signals mounting in the world’s largest economy and the credit crisis reverberating among European banks.

October 7th, 2008