Amended rescue package will now go before House of Representatives
The US Senate has approved a revised version of the $700bn rescue package that is hoped will kick-start the American economy.
Senators backed the bill by 74 votes to 25, reports the BBC. The bill will now go before the House of Representatives, who narrowly rejected the original proposals on Monday.
The $700bn is designed to be used to buy up devalued assets from struggling firms to help revive the economy.
Revisions to the legislation include an increase in the amount of savings the state is willing to guarantee from $100,000 to $250,000 as well as tax breaks for small businesses.
Treasury Secretary Henry Paulson, who was the architect behind the original bill, said: "This sends a positive signal that we stand ready to protect the US economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going."
