Congress Reject US Bail Out Plan
September 30th, 2008 by 
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The US House of Representatives voted against the $700bn rescue plan that was set to save the US from recession. George Bush’s Republican Party senators mainly voted NO to the bail out proposals.
The proposal to extract toxic debts away from the banking system was struck down by 23 votes with 228 NO votes to 205 yes votes in the Congressional house last night.Despite money market falls worldwide and the greatest one day drop in the history of the Dow Jones share indexes ( 7%) in the UK and France the markets were alive and kicking.
Early morning trading on the FTSE 100 is up by 0.74%, following a fall of 3% yesterday. France’s Cac 40 index is also showing a tentative rise of 0.06%.
Banking shares in the UK were hard hit yesterday, with HBOS down 12%, Royal Bank of Scotland down 11% and Lloyds TSB seeing a drop of 9%.
President George Bush is due to make a speech in response to the failure of the bill later today and lets hope for all concerned he can change some minds any rally his troops to get the bill passed as soon as possible.
But Congress will not return to session until Thursday following Rosh Hashana, the celebration of Jewish New Year.
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