Bush confident financial rescue plan will pass Senate

October 2nd, 2008 - 4:11 am ICT by IANS  

Washington, Oct 2 (DPA) US President George W. Bush Wednesday said he expected a revised rescue package for the embattled financial industry to pass the Senate, and again warned that only government intervention would stabilize the US economy.Bush said the $700-billion bill had been improved since it failed to pass the lower House of Representatives Monday, sending US stocks to one of their worst trading days in history.

“The bill is different. It’s been improved. And I’m confident it will pass,” Bush said ahead of a briefing by Afghanistan’s NATO commander David McKiernan at the White House.

“It’s very important for members to take this bill very seriously,” he said. The Senate was preparing to vote Wednesday night.

Among the changes is a one-year-long increase in federal guarantees for consumer bank loans from $100,000 to $250,000. Bush again warned that the bill’s failure would freeze the availability of loans and severely hurt ordinary Americans.

“It’s very important for us to pass this piece of legislation so as to stabilize the situation, so that it doesn’t get worse and that our fellow citizens lose wealth and work.”

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