House Passes New Version of 'Bailout' Package
By
Becky Ogann
Story Created:
Oct 3, 2008 at 5:44 PM CST
Story Updated:
Oct 3, 2008 at 5:44 PM CST
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.
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Friday, Oct 3 at 7:05 PM Old Guy wrote ...
Wow. this is got to be one of the biggest crimes in american history and the taxpayers just dont get it. this is our money folks. Stop letting them spend it in a way that will effect you so negatively it hurts. Well this guy is on his way out of office. that is the best news yet. Cant wait to see who meanning which criminal is next. It will not keep you out of a depression. It will not help you from losing your house. We will all lose and those i think it was 26 corporations will have anotherwin
Friday, Oct 3 at 8:04 PM Great Depression of 2009-2025 wrote ...
$700 billion divided among 300 million Americans is $2333.33 each, or $9333.33 for a family of four. If you were budgeting for your family, would you just give away nearly ten grand to rich politicians & corporations if they told you it "might help the economy"? Of course not, but we have just witnessed the federal government do exactly that. In a few years those who do not desperately grovel at the feet of these oligarchs for morsels of food will starve. Feudalism has just returned.
Friday, Oct 3 at 8:34 PM Send em Home Nov 4 wrote ...
Braley, Harkin, Grassley, Loebsack and Boswell all voted YES for this thing, vote them out in november SEND THE MESSAGE THAT THIS IS NOT ACCEPTABLE!
Friday, Oct 3 at 9:39 PM CANNOT TAX OUR WAY TO PROSPERITY wrote ...
Three quarters of a TRILLION dollars plucked from our pockets and given to millionaires, billionaires & powerful corporations! Why are we letting this happen?!? In 2 years we will be eating tree bark because hamburgers will cost $500 each. Average incomes will drop to $20,000 a year & we'll pay $15,000 of it in taxes. Even the news media is trying to convince us that giving everything to the government is all for our own good! WAKE UP, PEOPLE!!
Friday, Oct 3 at 9:48 PM raped wrote ...
Bend over, grab the KY, their sticking it to us again, all while our hands are tied!
Friday, Oct 3 at 11:31 PM Already More Than Doubled wrote ...
Remember $700 billion? The final bill is $1.8 trillion; 2 1/2 times the already-astronomical original amount. This will cost $6000 per person, or $24,000 for a family of four. Among other things, this bill gives the IRS new powers to conduct undercover sting operations on taxpayers and share very detailed financial info about you with local law enforcement. This is the boldest power & money grab by gov't officials in American history, and we're doing NOTHING about it.
Saturday, Oct 4 at 6:07 AM Alfred Joes Boy wrote ...
This should help fund bush's 99,000 acre ranch in Paraguay.
Saturday, Oct 4 at 7:01 AM BLAHH wrote ...
wouldn't ya just like to slap the smirk off that crooks face?
Saturday, Oct 4 at 7:52 AM Make sure you vote wrote ...
Eveyone needs to vote these YES men out! This is going to take this country down. Step up to the plate and start the country in a new direction. What have we got to lose?
Sunday, Oct 5 at 6:30 AM from the wall st journal.. wrote ...
Members of Congress reacted with fury this week as news leaked out that just two weeks after the feds gave an $85 billion rescue loan to American International Group, employees for the insurance giant are conferencing at one of the swankiest resorts in California. The executives of subsidiary AIG American General gathered at the five-star St. Regis Monarch Beach Resort. Ocean-view rooms start at $565 a night. Well I am glad they are spending our money wisely!! I see a revolution brewing!!
Sunday, Oct 5 at 6:44 PM Anonymous wrote ...
If you take 110 billion to give tax payers 600 dollars then 700 billion equals about $3,800. per $600 recipient. I will take this stand that I will not vote for any elected official of Iowa that said yea for this bill.
Wednesday, Oct 8 at 2:41 PM Anonymous wrote ...
Bush destroyed this country, I can't believe that our elected officials fell for this one too. 1st they listened to Bush and voted yes for the war in Iraq and now this. We need to get Bush out of office before their is nothing left.
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