| GEO World|
| US Senate approves economic bailout plan|
| Updated at: 0927 PST, Thursday, October 02, 2008|
WASHINGTON: The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.
The bill next moves to the House of Representatives, where it faces an uncertain future after lawmakers rejected an earlier version on Monday, sending world markets into freefall.
The Senate nod raised hopes that the amended plan could be on President George W. Bush's desk for final approval by the weekend and eased the panic sparked by Monday's rejection of the plan by the House.
The amended bill raises the ceiling on federal insurance for bank deposits from 100,000 dollars to 250,000 dollars, a move aimed at reassuring savers that their money is safe in banks and avoiding mas withdrawals.
It retains most facets of the original plan which gives Treasury Secretary Henry Paulson the power to buy up tainted mortgage-related assets in troubled banks and includes restrictions on "golden parachute" payoffs for executives.
Opponents of the bill have balked at handing that much power to one man, and reject the notion of using taxpayer money to bailout out disgraced Wall Street firms.