House passes hotly contested bailout bill
Bush immediately signs legislation into law
Originally published 12:58 p.m., October 3, 2008
Updated 02:11 p.m., October 3, 2008
President Bush has signed the $700 billion government bailout bill into law.
The House, which rejected an earlier version of the bill and sent stocks tumbling Sept. 29, approved it this time by a vote of 263-to-171. Senate approval came Wednesday night.
Kansas lawmakers cast the same votes on Friday as they did on Sept. 29; Rep. Dennis Moore voted for it, while Reps. Nancy Boyda, Todd Diahrt and Jerry Moran opposed the legislation.
House Republican Leader John Boehner of Ohio says there's a "financial crisis" that would probably get worse without congressional action. He said there could be "an economic slump like most of us have never seen."
And, House Speaker Nancy Pelosi said the bill was needed to "begin to shape the financial stability of our country."
But even before the vote, the White House tried to dampen optimism about its immediate impact on the economy. A spokesman says it's not aimed at giving a boost to the economy, but only at preventing a crisis in the economy.
Announcement of the vote was greeted by applause.
The president signed the bill early this afternoon after returning from the Treasury Department where he thanked employees for their work on the rescue package.
Economic Emergency 2008
- Senate adds some incentives to bailout legislation (October 1, 2008)
- Monday's economic news and how it affects you (September 30, 2008)
- Despite today's market gains, investors still nervous (September 30, 2008)
- Bush, Congress try to figure out what's next with the bailout plan (September 30, 2008)
- The Great Recession? (September 29, 2008)
- Politicians fail to put the bounce back in the economy (September 29, 2008)
- Against expectation, House votes down bailout plan (September 29, 2008)
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