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US politicians back $700 billion bailout

US Congress - Passed controversial bill
US Congress - Passed controversial bill

A majority of the US House of Representatives has voted in favour of a $700 billion financial industry bailout bill.

The measure passed 263 to 171 against, days after an earlier rescue plan failed to muster the votes needed to be approved.

The Senate approved the measure on Thursday.

The landmark legislation now goes to President George W Bush, who is expected to sign it into law.

The Senate added some $150bn in tax breaks to the original bill, which was rejected by the House on Monday leading to turmoil on world financial markets.