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All eyes on US Congress.

STOCK markets, political leaders and millions around the world were on tenterhooks today as the lower house of the US Congress tries again to pass a pounds 397 billion rescue package for the nation's economy.

President George Bush said members of the House of Representatives "must listen" and pass the emergency Bill which he said would help restore confidence in the nation's troubled economy.

The Senate stepped in and added more than 100 billion dollars (pounds 56.2bn) of sweeteners to the proposals after the Bill's surprise rejection by the House shocked and disappointed world leaders earlier this week.

Mr Bush urged the lower house of Congress to act and approve the Bill in a vote today after it was passed by "an overwhelming bipartisan majority" by its upper house on Wednesday night.

But stocks plunged again yesterday, with the Dow Jones Industrials Average down about 350 points, amid growing fears that the government's financial rescue plan might not be enough to ward off a recession.

Speaking after a White House meeting on the crisis yesterday, Mr Bush reminded members of Congress that "a lot of people are watching".
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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Oct 3, 2008
Words:189
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