The US House of Representatives has narrowly rejected a 700-billion-dollar package intended to rescue America's troubled financial system.
205 lawmakers had voted for it, 228 lawmakers, overwhelmingly Republicans, rejected the bill. This would have been the largest government economic intervention since the Great Depression of the 1930s. The Bush administration has argued the measure was crucial to avert a wider economic collapse and stabilise turbulent credit markets. US blue-chip stocks plunged more than 500 points when voting started. The White House has reportedly already begun working on a new rescue plan.
(Deutsche House prices 'fall 10.5% in year' ...
Bush drops veto to housing bill ... Welle)
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