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Updated: 9:12 PM Oct 3, 2008
Congress OKs Historic Bailout Bill
The 700-billion-dollar government bailout of the financial industry is headed to President Bush for his signature.
Posted: 1:27 PM Oct 3, 2008 |
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WASHINGTON (AP) - The 700-billion-dollar government bailout of the financial industry is headed to President Bush for his signature.
The House, which on Monday rejected an earlier version of the bill and sent stocks tumbling, approved it this time by a vote of 263-to-171. Senate approval came Wednesday night.
House Republican Leader John Boehner of Ohio says there's a "financial crisis" that would probably get worse without ongressional 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.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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