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Posted: 11:05 PM Oct 1, 2008
Economic Bailout Bill Passes Senate; President Praises Action
The Senate voted 74 to 25 in favor of a $700 economic bailout plan. Kansas Senators Pat Roberts and Sam Brownback voted against it. President Bush praised the Senate's action and urged the House to follow suit. Reporter: AP |
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WASHINGTON (AP) _ The Senate voted Wednesday night in favor of the $700 billion rescue package for financial companies.
The final tally was 74 to 25. Kansas Senators Pat Roberts and Sam Brownback both voted against it. Presidential candidates John McCain and Barack Obama and vice presidential candidate Joe Biden all voted for it.
President Bush praised the Senate for approving the bill and called on the House to do the same.
In a statement released following Wednesday night's vote, Bush said he
believes members of both parties in the House can support the legislation. He said the American people expect and the economy
demands that the House passes the bill.
In the final vote, 40 Democrats, 33 Republicans and independent Joe Lieberman of Connecticut voted ``yes.'' Nine Democrats, 15 Republicans and independent Senator Bernie Sanders of Vermont voted
``no.'' John McCain and Barack Obama cast ``aye'' votes.
The rescue package would allow the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions.
Critics say the rescue plan is a giveaway for Wall Street and has little obvious direct benefit for ordinary Americans.
Democrats and Republicans teamed to approve the bill after sweetening it with tax breaks. The government would use most of the money to take over bad mortgages from tottering financial companies and investors.
The House plans to vote on it Friday. Opposition to it there is said to be softening. The House voted down a bailout plan Monday.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
Latest Comments
Correction to this article. It's $800 Billion dollars now, not $700 Billion. It seems our financially challenged government has found an extra $100 Billion dollars lying around in taxpayers pockets to help this Wall Street bailout pass.
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Oh, now I get it. So the solution to Wall Street greed and people who cannot seem to understand that if you don't have the money then you don't need it is to take yet an additional 100 BILLION dollars out of the pockets of those of us who do live within our means and tack on a hole bunch of welfare packages unemployment benefits and government handouts in order to garner enough Democrat votes to shove this thing through. The Government has officially nationalised our free market system. If this passes the house, we are officially no longer a republic, but a totalitarian socialist nation. I never thought I would see the day. I sure wish my kids didn't have to.
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