The controversial bill aimed at resolving the desperate economic crisis in the USA has been approved.

The finalised financial bailout plan, sent to President George W Bush from the US Senate to be signed, is said to include concessions to oil companies and measures to prevent failed finance executives receiving any compensation.

The bill also includes many concessions to democrats and even to some unhappy republicans who had, until now, refused to vote for the bill.

The New York Times says the bill will "include pay limits for executives and require the government to do more to prevent foreclosures."

Senate speaker Nancy Polosi announced the breakthrough in negotiations saying both sides had worked hard for many hours to ensure the wording had "equity for the taxpayer in the upside", meaning that the government will take stakes in the fallen companies and return any subsequent profits to the taxpayer.

ABC NEWS says that "oil companies have won elimination of a long-standing ban on drilling off the Atlantic and Pacific coast."

This ban on drilling has been the topic of debate in the ongoing presidential campaign. Barack Obama voted against a lifting of the ban in 2006, saying " the Republican leadership was being "dishonest" by believing the nation's energy problem could be solved with more drilling."

In July of this year, John McCain softened his opposition to offshore drilling, calling for a halt to the federal moratorium and saying he now believed individual states should be able to decide for themselves.

More info

US bail out plan to be released soon - Yahoo! NEWS

Full coverage: US Economy - Yahoo! 

Race for the White House - Yahoo!7 NEWS

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