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House passes bailout plan

The House of Representatives voted 263-171 today to pass the Senate's version of the $700 billion bailout bill, a plan some evangelicals told me they cautiously support.

The House voted against the plan on Monday, creating a steep decline in the markets. The Senate sweetened the deal, adding $150 billion in tax breaks and increased Federal Deposit Insurance Corporation coverage from $100,000 to $250,000. The bill would also bill would curb executive pay, provide relief from the Alternative Minimum Tax for another year, and set up oversight committees.

Update: President Bush signed the bailout bill.

Related Topics:Politics
Posted:October 3, 2008 at 12:40PM
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House passes bailout plan