US Senate OKs $ 700-B bill.
But the Senate move ruffled some House Democrats who had voted for the bailout plan, including Rep. Charles Rangel, who heads the tax-writing House Ways and Means Committee. The House had passed its own version of the package that extends a number of expired and expiring tax breaks and, unlike the Senate, included more revenue raising measures to cover the cost to the Treasury.
''The Senate leadership took an unprecedented gamble when they attached a package of tax extenders to the emergency financial rescue legislation,'' Rangel said. However he did not say he would switch his yes vote on the bailout bill because of it.
Rep. John Shadegg, an Arizona Republican, said that he may change his no vote to yes because of changes in the bill, including the deposit insurance increase.
House Republican Leader John Boehner of Ohio said he expected more votes for the bill.
The expanded insurance for bank depositors would come as three of the biggest US banks have succumbed to the crisis in recent months, with more teetering before the Nov. 4 presidential and congressional elections.
President George W. Bush, while expressing confidence in the bill's fate this time around, pressed his case, warning lawmakers the measure was needed ''so as to stabilize this (economic) situation, so that it doesn't get worse.'' Manila Bulletin


