House Passes 'Bailout' Bill -- Media Reaction Soon
WASHINGTON Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry.
The 263-171 vote by the House sends the Senate-passed version to the White House for President Bush's signature. Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.
Many members of the House voted for the bill even though said it was very attractive to them and to their constituents back home. The measure had been defeated in the same chamber on Monday, sending stocks on Wall Street into a record slide.
Announcement of the vote was greeted by applause.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
WASHINGTON (AP) — The House has started a roll call vote on historic legislation providing $700 billion in government money to bring stability to reeling financial markets.
Member after member went to the well of the chamber to voice discomfort and displeasure with many aspects of the bailout legislation. But they also said said they would vote for it anyway. And nearly 30 who voted against it on Monday said they had changed their minds.
President Bush was ready to sign it into law, and the Dow Jones industrial average on Wall Street was up in early trading in anticipation of the climactic vote.
House Speaker Nancy Pelosi called it a vote for "Mr. and Mrs. Jones on Main Street."
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House Passes 'Bailout' Bill -- Media Reaction Soon
Published: October 03, 2008 1:45 PM ET
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