US House approves $700b 'necessary evil'

 WASHINGTON (AFP) - The US House of Representatives on Friday approved a revised 700-billion-dollar Wall Street bailout, bowing to intense pressure to help avert a global economic meltdown.

The House, which sparked market and political turmoil by rejecting an earlier version of the bailout on Monday by 228 votes to 205, voted 263 in favour to 171 against in favour of the largest US government economic intervention since the Great Depression of the 1930s.

Congressional leaders had worked together to win over more Republican and Democratic votes amid signs that businesses are already being hurt by a failure to procure credit, triggered by the US subprime mortgage crisis.

Three Democratic lawmakers said earlier they would switch their votes. Several revealed that calls from White House nominee Barack Obama played a key role in their decision. A House source said four other Democrats were also switching.

House Minority whip Roy Blunt said the pain of the deepening credit squeeze was now being felt by the public.