The Housing Chronicles Blog: House passes bailout bill

Friday, October 3, 2008

House passes bailout bill

The House has passed the bailout bill, and President Bush is expected to sign it today. From an AP story:

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.

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