The US legislators voted no to the proposed $700billion financial resuce plan for US financial system. With the House decision, the global stockmarkets are seen surging. With the plan defeat, will Federal Reserve seek another way to resolve the financial crisis?
Republicans were advocating slight changes to the bill that could attract a handful of new votes. Party members might be enticed by a measure that would allow businesses to write off more past losses on this year's taxes or a more robust expansion of mortgage insurance, financed by banks. Democrats could add more assistance to ailing state and local governments without raising too many GOP objections.
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