Bailout bill redux
October 1st, 2008Plans to buy $700B in troubled assets wins an initial OK. Backers are hoping add-ons will yield more yes-votes in the House.
NEW YORK (CNNMoney.com) — The Senate on Wednesday night passed a sweeping and controversial financial bailout similar in key ways to one rejected by the House just two days earlier.
The measure was passed by a vote of 74 to 25 after more than three hours of floor debate in the Senate. Presidential candidates Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor.
Like the bill the House rejected, the core of the Senate bill is the Bush administration’s plan to buy up to $700 billion of troubled assets from financial…. More
