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BAILOUT BILL EDGES TOWARD LAW

Topic: Dept. of the Treasury, Once in a Lifetime
03. October 2008
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After two weeks of Congressional scrutiny and one stunning House floor vote, the Bush administration finally got what it wanted: hundreds of billions of dollars to bailout an economy reeling from the mortgage crisis. The New York Times’  David Herzenhorn reports that the bill passed 263-171 after it failed Monday, 228-205.

The bill is different from Monday’s in that a series of tax breaks were tacked on to please various constituencies. But the essence of a bailout plan that may balloon to $700 billion remains unchanged. The motivations of the 58 lawmakers who were against the bailout plan before they for it will be subject to debate between now and the election.-MB

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