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US senate by 74 votes against 25 approved 700-billion-dollar stabilization package for financial market on Wednesday and in this way created a precondition for further approval at the House of Representatives.

The new bill that consists of 451 pages has the same title (Emergency Economic Stabilization Act of 2008) as the previous bill.

The bill was also approved by both US presidential candidates - Democrat Barack Obama and Republican John Mccain. Senator Joe Biden also approves the plan.

US president George W. Bush thanked senators for support and expressed hope that the plan will be approved by the house of representatives as well, since the major corrections were made to it.

He also emphasized that stabilization plan aims to support Small and Medium Enterprises (SME) that is dependent on paying the salaries and managing inventories.

Secretary of Finance Henry Polson also supports the plan. He claims that this is a strong signal that emphasizes our readiness to defend US economy and allow provide for Americans with credit facilities that is an essential tools for conducting a business.

The bill allows Secretary of Finance to use 250 billion US $ from federal budget to buy out troubled loans and stabilize the economy.

Additional 100 billion $ may be provided by the US president and the rest 350 billion $ may be provided only based on the decision of US congress.