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House Passes New Version of 'Bailout' Package
WASHINGTON D.C. - The U.S. House started the week voting down a $700-billion bailout package for the nation's economy. On Friday, the House passed a new version of the bill.
The measure passed by a vote of 263 to 171. It allows the Treasury Secretary to purchase as much as $700-billion in troubled assets. It also includes tax extensions, an increase in federal deposit insurance and other measures. Shortly after the House passed the bill which the Senate approved Wednesday, President Bush signed it into law. The President thanked Congress for a bipartisan effort to get the bill passed. The bill's passage was not enough for investors. The Dow Industrials jumped 300 points amid word of a deal in the House. But Friday afternoon it fell after a report suggested the economy could be heading for its worst recession in more than 25 years. More Good Stuff |
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