Monday, October 6, 2008

Bush Signs Bailout Bill

Bush Signs...

U.S. President George W. Bush has signed into law an unprecedented $700 billion US plan aimed at easing the financial sector's credit crisis. He added his signature shortly after the legislation was passed, 263-171, by the House of Representatives on Friday. "We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said after the vote. He warned that the U.S. economy, however, "continues to face serious challenges."His sentiments were echoed by House members as they prepared to cast their vote Friday afternoon. "Let's not kid ourselves: We're in the midst of the recession," said House minority leader John A. Boehner. "It's going to be a rough ride, but it will be a whole lot rougher ride" without the rescue plan. The vote capped two weeks of upheaval in Congress, punctuated by daily warnings that the United States would be forced to confront its gravest economic crisis since the Great Depression if federal politicians failed to act.

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