House passes $700-billion bailout

Oct. 3, 2008
The U.S. House of Representatives passed a $700-billion bailout bill for the nation’s financial system this afternoon by a 263 to 171 vote, sending the bill to the President to sign

The U.S. House of Representatives passed a $700-billion bailout bill for the nation’s financial system this afternoon by a 263 to 171 vote, sending the bill to the President to sign.

The passage came after the Senate approved the bill on Wednesday. The House rejected an earlier version of the bill on Monday, but many representatives were convinced they had no choice but to support the legislation, regardless of whether they agreed with all of it.

“What we need is a balance—something that benefits everyone, on every street,” said Rep. Elijah Cummins (D-MD). “We need something that does not just put a patch on the problem, but that gets to the heart of the problem to keep this from happening again in the future. Sadly—very sadly, this bill does not fully address those concerns…this legislation is very far from perfect—but it is a necessary start.”

“I don't want to have to vote for this bill, and I'm not defending it,” said Rep. Sue Myrick (R-NC). “It's full of things that I don't believe in. But, we're on the cusp of a complete catastrophic credit meltdown. There is no liquidity in the market. We are out of time. Either you believe that fact, or you don't. I do.”

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