$700 billion bill rejected by Congress

30 September 2008

The US Congress has rejected the proposed $700bn (£380bn) bail-out, throwing the world’s financial markets into disarray and raising important questions about the availability of mortgages and other forms of credit.

Although the Treasury – and the President – had insisted the bail-out was crucial to the health and stability of the USA’s financial systems, many analysts conclude that there was simply too much negative sentiment about the proposed bill.

As the BBC puts it, the short answer to the question “What Happens Now?” is ‘that the Bush administration aided by the two sets of party leaders on Capitol Hill will have another go’.

With some re-writing, it’s possible the bill may pass on a second attempt.

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