Senate To Consider Bailout Bill

The U.S. Senate may attempt to save the $700 billion financial rescue package that was recently defeated in the House of Representatives, Bloomberg reports. The bill is expected to be modified slightly in order to gain support from Republicans that previously opposed the legislation.

Specifically, some Republicans may seek to include a mandatory insurance program for mortgage-backed securities, or try to convince the Securities and Exchange Commission to suspend mark-to-market accounting. At the same time, these or other significant changes may weaken support from some Democrats.

The Senate will likely take up discussion of the bill later this week.

Source: Bloomberg

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