• Most Popular
  • Most Shared

White House backs revised bailout bill

WASHINGTON
Wed Oct 1, 2008 8:59am EDT
The White House is pictured shortly after sunrise in Washington, August 1, 2007. REUTERS/Jason Reed

WASHINGTON (Reuters) - The White House expressed hope on Wednesday the Senate would pass a revised $700 billion financial rescue package in the evening, after the House of Representatives voted down a bailout measure earlier this week.

Barack Obama

"We look forward to the debate, and hope to see strong support," White House spokesman Tony Fratto said. "The president will be speaking with senators today."

"We're seeing increased evidence of the credit squeeze on small businesses and municipalities all across the country, so it's critically important that we approve legislation this week and limit further damage to our economy," he added.

(Reporting by Matt Spetalnick, editing by Philip Barbara)
Barack Obama


More from Reuters

Photo

Plot exposes fissure in U.S. intelligence community

WASHINGTON (Reuters) - Last week's failed plot to bomb a U.S. passenger jet has exposed lingering fissures within the U.S. intelligence community, which had information from interviews and clandestine intercepts but did not put the pieces together, officials said.

» More Top News
Floor traders work at the Hong Kong Stocks Exchange, January 16, 2008. REUTERS/Bobby Yip

My way or the highway?

Hong Kong is poised to accept Beijing's accounting standards. That's good. The system, though, is prone to scandal. That's bad.  Full Article 

Global Markets
People walk past a branch of Bank of America in New York's financial district April 28, 2009. REUTERS/Brendan McDermid
Rolfe Winkler:

Move your money

Boycotting "too big to fail" banks is a great idea -- so long as investors remember that banks aren't the only ones responsible for the crisis.  Full Article 

    Commentary