Congress Passes Historic Economic Bailout Plan
Congress today voted in favor of the re(re-) revised plan to rescue the American economy, and President Bush signed it.
By Anastacia Mott Austin
One of the stranger weeks in politics has ended with Congress voting 263-171 to pass the much-revised economic rescue plan, after the Senate approved it on Wednesday. President Bush wasted no time in signing the bill.
"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," said the President after the vote.
The Senate added another 110 billion dollars in revisions before voting on the bill. The revisions included increasing federal deposit insurance and adding tax provisions, and an easing by the Securities and Exchange Commission to lighten the weight of mortgage-backed securities, among others.
The Senate voted 74-25 to pass the measure, which spurred a frenzied lobbying effort by Congress members hoping to win more support to pass the revised bill Friday.
No doubt helping their efforts was the massive change of heart expressed by constituents after the tumultuous 778-point drop on the stock market on Monday. As regular voters watched their assets and investments plunge, say experts, the phone calls and emails to the offices on Congress represented a drastic change from earlier messages to not support the bill.
While the measure passed, many who voted for it expressed that they did so reluctantly.
Congressman John Lewis (D-Ga) who initially voted against the measure, then supported it Friday, told the press, "I have decided that the cost of doing nothing is greater than the cost of doing something."
Added Hilda Soldis (D-Calif), "I am now looking and supporting the rule and the bill," though added that she had done so "with a heavy heart."
Some were more vocal about their feelings that the bill is a bad idea. "How can we have capitalism on the way up and socialism on the way down?" asked Representative Jeb Hensarling (R-Texas), who voted "no" both times.
Others were resigned. "We all know that we are in the midst of a financial crisis," said House Republican leader John Boehner (R-Ohio). "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."
Added Boehner, "We've made this bill better. Is it perfect? No. But it clearly is better than it was a week ago."
One of the stranger weeks in politics has ended with Congress voting 263-171 to pass the much-revised economic rescue plan, after the Senate approved it on Wednesday. President Bush wasted no time in signing the bill.
"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," said the President after the vote.
The Senate added another 110 billion dollars in revisions before voting on the bill. The revisions included increasing federal deposit insurance and adding tax provisions, and an easing by the Securities and Exchange Commission to lighten the weight of mortgage-backed securities, among others.
The Senate voted 74-25 to pass the measure, which spurred a frenzied lobbying effort by Congress members hoping to win more support to pass the revised bill Friday.
No doubt helping their efforts was the massive change of heart expressed by constituents after the tumultuous 778-point drop on the stock market on Monday. As regular voters watched their assets and investments plunge, say experts, the phone calls and emails to the offices on Congress represented a drastic change from earlier messages to not support the bill.
While the measure passed, many who voted for it expressed that they did so reluctantly.
Congressman John Lewis (D-Ga) who initially voted against the measure, then supported it Friday, told the press, "I have decided that the cost of doing nothing is greater than the cost of doing something."
Added Hilda Soldis (D-Calif), "I am now looking and supporting the rule and the bill," though added that she had done so "with a heavy heart."
Some were more vocal about their feelings that the bill is a bad idea. "How can we have capitalism on the way up and socialism on the way down?" asked Representative Jeb Hensarling (R-Texas), who voted "no" both times.
Others were resigned. "We all know that we are in the midst of a financial crisis," said House Republican leader John Boehner (R-Ohio). "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."
Added Boehner, "We've made this bill better. Is it perfect? No. But it clearly is better than it was a week ago."
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