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US Senate to mull compromise bill

September 30, 2008

US House Majority Leader Steny Hoyer said the Senate may take up legislation to address the financial crisis as early as Oct. 2, following the House's rejection today of a $US700 billion ($860 billion) bank-rescue plan.

``The Senate will be in Thursday,'' Hoyer said. ``The Senate perhaps can pass something. That is a possibility, and send it back to us in which case we would then take it up. We're not out of business until this is addressed.''

He said he has spoken with House Republican Whip Roy Blunt and both agreed they are committed to continue working together on a compromise.

``We're all going to be working on the phone, maybe here, to see if we can reach some agreement on how to move forward,'' Hoyer said.

Some West Coast lawmakers were on their way home after the final 228 to 205 vote was announced today, eliminating the opportunity for the House to immediately reconsider the bill, Representative Jim Moran said. The Virginia Democrat said Democrats might draft their own bill and come back to work Oct. 2 after the Jewish holiday.

``We hold the cards now,'' Moran said. ``We gave them every opportunity.''

House Republican Leader John Boehner said after the vote, ``I don't know that we know the path forward at this point.'' He said Democratic and Republican leaders would have to work to persuade more of their members to back a rescue.

Representative Barney Frank, a lead negotiator of the legislation, said lawmakers ``have to wait and see what happens'' and how the economy reacts to the vote.

Frank said he was persuaded by the arguments of Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke that there is a serious problem that requires government intervention.

``I would like nothing better than to be proven wrong,'' he said.

Bloomberg News

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