Senate Approves Bailout Plan also Known as Emergency Economic Stabilization Act (EESA) of 2008

(EMAILWIRE.COM, October 02, 2008 ) Washington, DC - The United State Senate approves a modified version of the bailout plan late yesterday. The modified version includes increased FDIC insurance of bank accounts from $100,000 to $250,000. The House of Representatives is expected to vote for the new plan on Friday.

The EESA authorizes $700 billion dollars to The Secretary of the Treasury to buy bad mortgage assets from troubled financial institutions; these financial institutions will then have money to lend to businesses, so that businesses can run their operations.

For more news on the Senate bailout vote, go to http://www.usgovernment-news.com/us_senate.php .

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