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.”

View more Management news and other trucking industry news from Fleet Owner.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Boost truck leasing profits with telematics insights! Reduce maintenance costs, improve uptime, and strengthen customer relationships. Learn how data drives success.
This free guide outlines simple steps for hiring and onboarding commercial drivers while ensuring that you meet Regulation Part 391 and maintain fully compliant driver qualification...
Ready to boost fleet efficiency by up to 50%? Learn how AI-powered dispatch and next-gen tech are transforming TMS workflows, improving driver planning, and streamlining operations...
Gain a strategic edge in today’s evolving fleet landscape. Join us to explore how fuel cards are helping fleet managers cut costs, enhance control, and prepare for an electrified...