US Senate to vote Wednesday on bailout package

WASHINGTON, October 1, 2008 (AFP) – The US Senate will vote Wednesday evening on a revised 700 billion dollar Wall Street bailout, after the House of Representatives sparked economic turmoil by rejecting the original package.

A Democratic Senate aide speaking on condition of anonymity confirmed the surprise vote would go ahead and the bill is expected to be considered after sundown on Wednesday at the end of the Jewish Rosh Hashanah holiday.

The bailout bill is expected to have a much easier path through the 100-member Senate than in the House, where in a shock vote, members voted to knock it down by 228 votes to 205.

The bill as seen as a much-needed package to boost a US economy on the verge of collapse due to the bursting of the housing bubble, a credit crunch, a squeeze on banks and utter chaos on Wall Street.

In a bid to build Republican backing for the bailout in the House, the Senate bill will include votes on extending tax cuts which are set to expire and an extension of federal insurance for bank deposits to 250,000 dollars.

“Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen t