June 18, 2010
Updated Oct 3, 2008 at 1:31 PM EST
WASHINGTON (AP) - Congress has passed complex and highly
criticized legislation authorizing $700 billion in government money
to shore up the nation's stressed financial industry.
The 263-171 vote by the House sends the Senate-passed version to the White House for President Bush's signature. Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.
Indiana 3trd District Republican Congressman Mark Souder voted for the measure today, saying “This bill is not the bill that I or other Republicans would have chosen, but with a Democrat-controlled Congress, any bill must be a compromise. Possible failure of our economy was not an option.”
But Indiana's 6th District Congressman Mike Pence voted against the bill, holding fast against pork-barrel add-ons to the rescue bill, and questioning the basic need for it.
The President has vowed to quickly sign the rescue measure, which backers said would save the economy from certain demise.
Many members of the House voted for the bill even though some said it was not very attractive to them and to their constituents back home. The measure had been defeated in the same chamber on Monday, sending stocks on Wall Street into a record slide.
Announcement of the vote was greeted by applause.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
The 263-171 vote by the House sends the Senate-passed version to the White House for President Bush's signature. Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.
Indiana 3trd District Republican Congressman Mark Souder voted for the measure today, saying “This bill is not the bill that I or other Republicans would have chosen, but with a Democrat-controlled Congress, any bill must be a compromise. Possible failure of our economy was not an option.”
But Indiana's 6th District Congressman Mike Pence voted against the bill, holding fast against pork-barrel add-ons to the rescue bill, and questioning the basic need for it.
The President has vowed to quickly sign the rescue measure, which backers said would save the economy from certain demise.
Many members of the House voted for the bill even though some said it was not very attractive to them and to their constituents back home. The measure had been defeated in the same chamber on Monday, sending stocks on Wall Street into a record slide.
Announcement of the vote was greeted by applause.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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