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US Congress closer to endorsing bailout

(China Daily)
Updated: 2008-10-03 09:00

US Senate Majority Leader Harry Reid (center) speaks as (from left to right) Senator Christopher Dodd, Senator Max Baucus, Senator Judd Gregg and Senate Minority Leader Mitch McConnell listen at a news conference following a vote on legislation drafted in response to the ongoing credit markets crisis on Capitol Hill on Wednesday in Washington, DC. [Agencies]

Shockwaves from the global credit crisis spread yesterday, threatening industry and jobs worldwide and putting pressure on the United States Congress to pass a $700 billion bailout of the country's financial sector.

The fate of the rescue plan, passed by the US Senate 74-25 on Wednesday night, now lies with the US House of Representatives, which rocked global markets this week by rejecting an earlier version. US President George W. Bush has called the bailout "essential to the financial security of every American".

But the crisis has spread well beyond US shores and beyond the financial sector. Top automakers including General Motors Corp and Ford warned of tough times amid fears slowing demand could force production cuts and job losses.

"The problems of subprime and credit crunch are now all over the world," Ford Motor Co Chief Executive Alan Mulally said. "The downturn is longer and deeper than we foresaw a year ago," he said.

US figures showed falling factory output and plunging car sales - a sign of increasing reluctance of banks to give loans to business or private individuals.

Meanwhile, French President Nicolas Sarkozy's office said he would host the leaders of Britain, Italy, Germany and the European Central Bank tomorrow to discuss a response. Sarkozy, however, denied reports a 300 billion euros ($417 billion) plan akin to the US bailout was under consideration.

Market participants warned, however, that the rescue package is not a cure-all, with a worsening economic outlook spurring calls for central banks to cut interest rates.

Asian stocks drifted lower despite the vote, on fears of recession. The FTSEurofirst 300 index of top European shares rose 1.5 percent in morning trade.

Interbank lending rates, a gauge of general confidence within the banking system, remained high, despite the Senate vote and large injections of cash by central banks.

US Senate leaders hope that sweetening the plan with a tax cut and extended federal protection for bank deposits can turn "no" voters in the House into supporters.

"It's still uncertain. I think it is likelier to pass than before," House Financial Services Committee Chairman Barney Frank said in an interview on CNN.

Agencies