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House approves historic bailout plan
2008-10-05 04:50:37 (GMT) (Caymanmama.com - Featured Government News)
Honolulu, Hawaii (CaymanMama.com) — History is in the making in the United States and in addition to the economy on the brink of disaster and the elections on the horizon, a breaking report by the Associated Press states that Congress has finally approved the controversial $700 billion bailout plan to help the dying financial industry on Friday. President Bush has been presented with the bill for his signature.
The final vote showed 263-171 in the House, a margin that won 58 more votes than it received on Monday. This finality comes after two weeks of tumultuous arguing in the House and on Wall Street as investors and banks warned that the country is in the most serious economic crisis since the Great Depression. If lawmakers didn’t act soon, the country was doomed to hasty demise.
Bush is preparing to make a statement on the historic vote.
House Republican Leader John Boehner of Ohio said, “We all know that we are in the midst of a financial crisis. And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen.”
In a written statement, the White House warned, “If the financial markets fail to function, American families will face great difficulty in getting loans to purchase a home, buy a family car or finance a child’s education.”
The historic vote raised American hopes for a brighter future, however it still was a major contribution to the largest one-day stock market drop in history, 778 points as measured by the Dow Jones Industrial Average.
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