Washington (PTI): The US Congress approved a revised 700 billion dollar package to bail out the beleaguered US financial sector after the House of Representatives today cleared the historic measure four days after it rejected an earlier plan that stunned the global markets.

The House okayed 263-171 in a make or break vote the unprecedented government intervention designed to pull the US economy out of the brink and sent it to President George W Bush for certain signature into law. The Senate on Wednesday passed 74-25 a revised version of the bailout package.

Calling the bipartisan Congress vote a "bold" step, Bush said the package will help the US economy weather the financial crisis.

The revised package aimed at buying up the bad debts of failing institutions included sweetners on extending bank deposit insurance and expired tax breaks in a bid to get more Republicans behind the legislation.

Several law makers dropped their opposition to the bill when it came up for vote today capping two weeks of turmoil in the Congress and the Wall street.

The Bill was tweaked by the Senate which addded about 100 billion dollars in new tax breaks in an initiative to get the House support for the new version.

Only 85 Republicans voted for the bailout in the 228 to 205 defeat for the bailout on Monday and Democratic House leaders said before the vote they needed 100 members of the minority party to ensure passage.

The plan lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions. It is aimed at allowing frozen credit to begin flowing again and prevent a dangerous recession.

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