Friday, October 3, 2008
House Passes Bailout Bill
Posted by John Branston on Fri, Oct 3, 2008 at 4:00 AM
The House of Representatives followed suit on Friday and agreed to the Senate bailout bill passed overwhelmingly on Wednesday. The House thereby reversed its action on Monday when a prior version of the bill was defeated.
President Bush has indicated he will sign the bill promptly.
The vote was 263-171, with 63 Democrats and 108 Republicans voting no. (For comparison's sake, the vote on Monday was 208-225, with 95 Democrats and 133 Republicans voting no.)
Between Monday and the Senate vote various amendments were added, notably the raising of the FDIC ceiling from $100,000 to $250,000 for insuring bank deposits, as well as various tax-break "extenders." Those additions, as well as the chilling losses suffered on Wall Street after Monday and the virtal shutown of credit markets seemed to have made the difference.
THIS WEEK'S ISSUE
SPECIAL ISSUES
