'Accept pounds 700bn bail-out plan or else'

Huddersfield Daily Examiner (Huddersfield, England), Oct 2, 2008

PRESIDENT George Bush (left) told Congress's lower house today that the state of America's troubled economy "demands" that it follow the Senate's lead and passes a pounds 385bn rescue package.

Mr Bush said the Bill was "essential to the financial security of every American" after it was passed in the Senate by 74 votes to 25.

The Senate stepped in and added more than EUR100bn (pounds 56.2bn) of sweeteners to the proposals after the Bill's surprise rejection by members of the House of Representat ives shocked the world earlier this week.

The House will now get a second chance to vote on the amended proposals tomorrow before the Bill can be sent to the president to be signed into law.

Mr Bush applauded the Senate for its "strong bipartisan vote".

He praised those involved in the negotiations and said: "They worked across the aisle to make vital improvements to the rescue package I sent Congress last month - including an expansion of deposit insurance that will help protect the savings of American families and small businesses."