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>>

  • Pierce County woman wakes up to stranger in her house rubbing her face

    Pierce County woman wakes up to stranger in her house rubbing her face

    Tuesday, April 24 2018 1:11 AM EDT2018-04-24 05:11:05 GMT

    PIERCE COUNTY, Wash. - A Pierce County woman was terrified over the weekend when she woke up to a stranger in her house rubbing her face. She ran to her neighbor's house and the neighbor contacted the Pierce County Sheriff's Office at around 5:30 a.m. on Sunday. Arriving deputies spoke with the neighbor who called 911. 

    >>

    PIERCE COUNTY, Wash. - A Pierce County woman was terrified over the weekend when she woke up to a stranger in her house rubbing her face. She ran to her neighbor's house and the neighbor contacted the Pierce County Sheriff's Office at around 5:30 a.m. on Sunday. Arriving deputies spoke with the neighbor who called 911. 

    >>
  • Thief steals military man’s gift for little brother

    Thief steals military man’s gift for little brother

    Tuesday, April 24 2018 2:09 AM EDT2018-04-24 06:09:15 GMT

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    >>

    SPOKANE, Wash. - A Spokane mother is heartbroken because what a thief took from her family was so much more than just a piece of mail. One of her sons serving in the military, stays connected with his little brother through video games, so he sent him one as a gift. However, the little brother never got it because the thief took it right off their front porch.

    >>
  • Pet reunited with owner following Spokane dognapping

    Pet reunited with owner following Spokane dognapping

    Monday, April 23 2018 9:49 PM EDT2018-04-24 01:49:25 GMT

    Spokane, Wash. Cherie a one-year-old German Shepard who's gentle nature -- and love of car rides, Got her dog-napped "I was inside and I heard a big commotion outside from my bigger German Shepard Kona," said Cherie’s owner Ashleigh Zibell. When Ashleigh  went outside Saturday afternoon Kona was distressed - she had jumped the fence  and was barking for all she was worth. That's when Ashleigh noticed Cherie was missing "When I got around to the driveway...

    >>

    Spokane, Wash. Cherie a one-year-old German Shepard who's gentle nature -- and love of car rides, Got her dog-napped "I was inside and I heard a big commotion outside from my bigger German Shepard Kona," said Cherie’s owner Ashleigh Zibell. When Ashleigh  went outside Saturday afternoon Kona was distressed - she had jumped the fence  and was barking for all she was worth. That's when Ashleigh noticed Cherie was missing "When I got around to the driveway...

    >>
HD DOPPLER 6i
/