Friday, October 3, 2008

House Passes Bailout Bill

Posted By 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.

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