President George W Bush has warned the US economy continues to face “serious challenges” after signing a $700bn (£394bn) financial sector rescue plan.
The controversial package is aimed at buying up the Wall Street’s bad debts in an effort to ease the credit crunch which is crippling the US economy.
The president said it would take “time and determined effort to get through this difficult period”.
The US House of Representatives passed the bill by 263 votes to 171 on Friday.
It was the second vote in a week, following the shock rejection of an earlier version of the deal on Monday.
The House adopted the new version of the Emergency Economic Stabilization Act after the Senate added about $100bn (£57bn) in new tax breaks to win Republican votes.
Source from BBC News – http://news.bbc.co.uk/1/hi/business/7652174.stm
Filed under: BBC, USA , BBC, BBC News, Bush, Jeorge W Bush, USA economic challenges
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