US Senate to vote on bailout bill today

US Senate to vote on bailout bill today

Washington: The US Senate will vote on Wednesday evening on a revised $700 billion Wall Street bailout package, after the House of Representatives sparked economic turmoil by rejecting an earlier version.

A Democratic Senate aide speaking on condition of anonymity confirmed the vote would go ahead and the bill is expected to come up after sundown on Wednesday when lawmakers return from the Jewish Rosh Hashanah holiday.

Democratic White House hopeful and Illinois Senator Barack Obama planned to return to Washington for the vote after a morning event in Wisconsin, his campaign said.

The vote means that the Senate will consider the bailout before the House gets a second turn at the bill, an unusual occurrence for a financial measure.

It was not immediately clear how the Senate version of the package would differ from the one sensationally rejected by the House on Monday despite warnings that the bill’s failure could trigger an economic catastrophe.

The original proposal would have given Treasury Secretary Henry Paulson authority to buy up toxic mortgage-related assets in troubled banks in hopes of easing the flow of credit.

The bill would have immediately released $250 billion to enable the government to buy up troubled assets, and set a ceiling for all purchases of $700 billion.

It also included restrictions on “golden parachutes" for CEOs.