Revised Rescue Plan Before the Senate
A revised plan that includes $100 billion in tax breaks and an increase in the deposit insurance cap to $250,000 from $100,000 will be voted on in the Senate later this evening. If it passes, it will then go to the House for a binding vote.
U.S. Fuel Consumption Hits Severn-Year Low
Crude continued to fall on news of larger-than expected supplies combined with a reduction in consumption not seen since 2001. The U.S. – which consumes one quarter of the world’s oil supply – has seen a drastic reduction in usage that some analysts suggest will decline further as the state of the U.S. economy continues to deteriorate.
Trichet Urges Congress to Pass the Troubled Asset Relief Act
Stating that “for the sake of global finance”, European Central Bank President Jean-Claude Trichet stated earlier today that the U.S. Congress should pass the revised bill.
