US Senate approves release of $350 bn of bailout package

January 16th, 2009 - 5:36 am ICT by IANS  

Washington, Jan 16 (Xinhua) The US Senate Thursday approved to release the remaining $350 billion of the $700 billion financial bailout package, clearing the way for a new infusion of cash for the financial industry.The request was approved by a vote of 52-42 after former Treasury secretary Larry Summers, who will be Obama’s top economic adviser, promised that up to $100 billion of the remaining funds would be spent on tackling the US home mortgage crisis.

US President George W. Bush Monday asked Congress for the remaining money from the $700 billion financial bailout package which was passed by Congress in October.

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