House passes $700 billion bailout
- October 3, 2008
President George W. Bush signed a revised $700 billion bailout plan on Friday designed to stabilize the U.S. financial system.
Earlier in the day, the U.S. House of Representatives approved the bill 263-171. Four days earlier, the legislative body had rejected the bailout plan, sending the Dow Jones Industrial Average down a record 778 points.
The plan allows Treasury Secretary to spend up to $700 billion helping banks and buying bad assets that are backed by mortgages. New measures in the revised version include $100 million in tax credits and increasing the savings insured by the Fedearl Deposit Insurance Corp. from $100,000 to $250,000. (The New York Times)