Applause roared through the US House of Representatives just after 1.20pm on Friday as the tally of votes needed to approve the $700bn bail-out package passed the magic threshold of 218.

Shortly afterwards, Nancy Pelosi, the Democratic House speaker, admitted that a celebration was not quite in order, under the circumstances. “We were dealt a bad hand and we made the most of it. I think the American people will benefit from it,” she said.