In the News: Senate Approves Bailout Bill

The Senate approved a $700 billion bailout to help resuscitate the battered U.S. economy; the House was scheduled to take up the proposal on Oct 3. Meanwhile, troubling economic news at home and abroad continued. The U.S. auto industry reported selling less than a million new cars and trucks in a month for the first time in 15 years. The industry says the lack of loans and financing options kept many prospective buyers away, and that the drop in sales could worsen if something is not done to bolster the market. Colleges and universities across the country also braced for economic instability as Wachovia announced that it was freezing a $9.3 billion fund that it managed for nearly 1,000 schools. Wachovia froze the fund in an attempt to maintain liquid assists while preparing for its merger with Citigroup, making it difficult for some schools to meet payrolls for faculty and staff.

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