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The much touted Ind-US civilian Nuclear deal passed through one more hurdle yesterday, with the US house of representatives approving implementing the 123 agreement between US and India with a overwhelming 298-117 votes. The final lap of voting by the US congress is expected to take a little longer. This is primarily due to the much bigger problem of the US financial crisis and big institutions sinking in with every passing week taking primary attention of US law makers.
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US President George Bush has warned that US is all set to get into recession because of the credit crisis and housing prices decline. He has said that the 700 billion dollar bail out needs to be cleared on a war footing to give a last chance for pulling out US out of recession, and also to avoid any financial system failure.
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Foreign institutional investors continue to pull out funds out of India and their cumulative withdrawal is over six billion dollars in the last few months. This has resulted in the index coming down from 5200 points to 4100 points, and also it has pushed down the rupee to dollar rate from 40 rupees per US dollar to over 46 rupees to a dollar.
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China launched the first set of three member crew into space for space walking, in its first attempt. The Shenzhou seven spacecraft, which is China’s third manned mission, basted off atop a long march 2F rocket after nine am EDT under clear night skies in northwestern China. The spacewalk by one of the three astronauts is expected to happen either on friday or on saturday.
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US financial bail out package bill for 700 billion dollars of tax payers money, is still hanging with no decision coming out from the high level meeting attended yesterday by senior leaders of both democratic and republican parties. Experts feel that time is running out for US and they may take longer time to come out of the financial mess.
