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News & Reporting

October 28, 2020

The following article is located at: https://www.christianitytoday.com/news/2008/october/senate-passes-bailout-bill.html

News & Reporting, October 2008

Gleanings

Senate passes bailout bill

posted October 1, 2008

John McCain, Barack Obama, and Joe Biden voted with 71 senators to pass the $700 billion bailout bill that would allow the government to buy troubled securities, The New York Times reports.

The bill included $150 billion in tax breaks for individuals and businesses and increased the amount covered by the Federal Deposit Insurance Corporation from $100,000 to $250,000. The bill was also attached to legislation requiring insurers to treat mental health conditions similar to general health problems, The Times reports. The House is expected to vote Friday.

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