Financial rescue plan signed, sealed, delivered
4:43 p.m. Friday, October 3, 2008
By a vote of 263 to 171, the House of Representatives finally passed the Bush Administration's economic rescue bill.
"Motion is adopted."
The vote capped a roller coaster week on Wall Street and a complete turnaround for 58 members of the House who voted against a similar and less expensive bill on Monday.
"I hope today's action will stave off the reaction of a freeze," Rep. Steny Hoyer said.
It passed overwhelmingly in the Senate Wednesday, and President Bush quickly signed the bill into law after praising Congress.
"We have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country," President Bush said.
Dozens of Republicans and Democrats in the House switched their votes after heavy lobbying by the President, John McCain and Barack Obama.
Some members in tight races noted the vote may cost them their House seats.
"I know it's hard for my constituents, but I think we have to do the right thing. This is what we were brought here in Congress to do today," CA Rep. Hilda Solis said.
With businesses shedding 159,000 jobs last month and the credit markets still tight, it's unclear if the rescue package will have the desired economic effect. The stock market actually declined after the House passed the bill.
Treasury Secretary Henry Paulson promised quick action to get the rescue program moving and try to stabilize the markets.
Most Kansas lawmakers didn't back the bailout.
Democratic Representative Dennis Moore of Lenexa was the only lawmaker from Kansas to support the plan.
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