House approves £394bn US bail-out plan

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The US House of Representatives has now passed a £394bn government plan to rescue the US financial sector.

The plan was originally rejected on Monday 29th September, but on Friday 3rd October it was passed.

The bail-out plan aims to buy up the bad debts of struggling financial institutions on Wall Street.

President Bush stated that he believed intervention by the government in this current situation was necessary, but warned it will take time for the plan to have an effect on the economy.

Federal Reserve Chairman Ben Bernanke applauded Congress, saying the bill was a critical step toward stabilising financial markets.


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