House approves bailout plan; Bush signs bill into law - Spokane, North Idaho News & Weather KHQ.com

House approves bailout plan; Bush signs bill into law

Speaker of the House Nancy Pelosi (D-CA) signs legislation for the $700 billion bailout plan Speaker of the House Nancy Pelosi (D-CA) signs legislation for the $700 billion bailout plan
President Bush said he would quickly sign the bailout plan into law President Bush said he would quickly sign the bailout plan into law

WASHINGTON - Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry. President Bush promptly signed the bill into law at 2 p.m.(EST).

Among many features, the measure would allow the Treasury Department to buy up bad debt from various lending institutions.

Tell us what you think of the plan by submitting your comments at the bottom of this page

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 new plan includes $100 billion in tax breaks, plus a provision to raise the cap on federal deposit insurance from $100,000 to $250,000.  The bill, like the first one that failed, still allows the government to spend billions of dollars to buy bad mortgage-related securities and other debts.

Proponents of the plan say the government could sell the bad debts later at a higher price, lowering the taxpayers' final cost.

The tax cuts in the measure include a plan to extend the suspension of the Alternative Minimum Tax, in effect keeping the tax from hitting an estimated 20 million middle-income Americans for one more year.  The measure also provides $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.

The plan also includes energy and business tax breaks.

(The Associated Press contributed to this report)

  • Most Popular StoriesMost Popular StoriesMore>>

  • Three suspects arrested in connection to Freeman purse theft

    Three suspects arrested in connection to Freeman purse theft

    Wednesday, September 20 2017 7:11 PM EDT2017-09-20 23:11:44 GMT

    SPOKANE COUNTY, Wash. - Detectives arrested two additional people suspected of stealing a Freeman parent's purse out of their car during last week's shooting. 37-year-old Renee Mann was booked into the Spokane County Jail Tuesday night just before 10:00 p.m. on 13 charges, including Identity Theft, Theft, and Forgery. Mann should be making her first court appearance on Wednesday. 

    >>

    SPOKANE COUNTY, Wash. - Detectives arrested two additional people suspected of stealing a Freeman parent's purse out of their car during last week's shooting. 37-year-old Renee Mann was booked into the Spokane County Jail Tuesday night just before 10:00 p.m. on 13 charges, including Identity Theft, Theft, and Forgery. Mann should be making her first court appearance on Wednesday. 

    >>
  • Brazen boat thief caught on camera

    Brazen boat thief caught on camera

    Wednesday, September 20 2017 2:44 AM EDT2017-09-20 06:44:40 GMT

    SPOKANE, Wash. - Spokane police are investigating after a brazen boat theft on the South Hill over the weekend. The boat's owner was getting ready to put it away for the season, but when he went outside to take it to the marina, it was nowhere to be found.

    >>

    SPOKANE, Wash. - Spokane police are investigating after a brazen boat theft on the South Hill over the weekend. The boat's owner was getting ready to put it away for the season, but when he went outside to take it to the marina, it was nowhere to be found.

    >>
  • Man accused of killing Cheney pot shop employee confesses in interview

    Man accused of killing Cheney pot shop employee confesses in interview

    Tuesday, September 19 2017 10:20 AM EDT2017-09-19 14:20:42 GMT

    SPOKANE, Wash. - The man who admitted to kidnapping and then killing a stranger outside a Cheney marijuana shop gave a full confession to KHQ's Hayley Guenthner as he sat behind bars. Donavon Culps said he shot victim Cameron Smith "three or four times" after he felt Smith was "disrespectful" to him.

    >>

    SPOKANE, Wash. - The man who admitted to kidnapping and then killing a stranger outside a Cheney marijuana shop gave a full confession to KHQ's Hayley Guenthner as he sat behind bars. Donavon Culps said he shot victim Cameron Smith "three or four times" after he felt Smith was "disrespectful" to him.

    >>
HD DOPPLER 6i
/