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President Bush signs bailout plan
Story By: Bea Karnes
Source: MSNBC
Published Fri Oct 03, 2008, 09:36 AM MDT
Updated Fri Oct 03, 2008, 03:04 PM MDT
Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry. Less than two hours later, after returning from the Treasury Department where he thanked employees for their work on the rescue package, President Bush signed it.
Among many features, the measure allows the Treasury Department to buy up bad debt from various lending institutions.
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. The Senate passed the legislation on Wednesday.
Sen. Ken Salazar voted for the legislation, while Sen. Wayne Allard, Rep. Doug Lamborn and Rep. John Salazar all voted against the bailout.
