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)
Full text of bill (CNNMoney.com)
Sigh of relief, the job cuts news and overall uncertainty should reduce now. As the bill looks like to support business owners, encouraging more recruitment.
--Iva
Oct. 3, 2008 at 03:54 PM