Bush Signs Bailout After Measure Passes House

By Jill Kuraitis, 10-03-08

The final count was 263 to 171 as the House of Representatives passed the Economic Recovery Act of 2008 Friday afternoon, just four days after they had rejected an earlier version.

Less than an hour later, President Bush signed the bill into law. “It’s complicated, and we’re going to make sure whatever we do is done in a deliberative fashion,” Bush told reporters. 

The bill’s passage and signing came after about ten days of historical upheaval in Congress – a period during which both the presidential and vice-presidential debates made history.

Rep. Barney Frank said, “It would be highly irresponsible — a betrayal of our oath — if we were to stop here. Now we have to perform more serious reform,” he said, promising to seek a complete overhaul of federal regulations “for all of the financial industries.”

“What Congress said to the American people today I hope will be taken as a promise,” Frank said. “Our task now is to make sure no future Congress faces this choice.”

MSNBC’s Allison Lynn has updated her excellent article, “Financial Crisis: What You Should Know” to reflect changes based on the newest version of the bailout legislation.

The wrestling match for control of Wachovia involving Wells Fargo and Citicorp has taken a new twist as the financial chaos continues.