House of Reps revises economic plan

Calcutta News.Net
Thursday 2nd October, 2008

Members of the US House of Representatives are considering the revised $700bn plan to rescue America's financial sector.

To make up for rejecting the initial plan, the House will need to follow the Senate and back a new version.

The debate will go all the way through Friday.

When the Representatives first rejected the plan on Monday by 228 votes to 205, they cited concerns about both the content of the plan and the pace at which they were being asked to pass it.

But President George Bush has once again urged the House to back the revised bill, saying US financial institutions desperately need credit to be unfrozen.

The new package has been amended to include extra tax breaks for ordinary Americans and more protection for savings accounts.

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