Now, it's up to the House. Lawmakers there are ready to tackle the second attempt at a multi-billion dollar bailout plan. After it passed the Senate, late last night. Now, it's up to the House.
House Speaker Nancy Pelosi says, "If we do not act, hardworking Americans and millions of people will see the American dream evaporate."
This version of the measure has some changes that sponsors hope will win it more support like tax cuts, and a provision to raise the cap on federal deposit insurance at banks to 250-thousand dollars. All of that was added to the original 700-billion dollar proposal allowing the government to buy risky assets from financial institutions, offer mortgage relief for homeowners, and put caps on executive salaries at
The bill's fate is far from certain in the House. The new items it includes may draw support from some lawmakers--but they could push others away from voting yes.
That's not something President Bush wants to see happen. At a meeting with business leaders he issued a fresh call for Congress to pass the bailout. The president said "this issue has gone way beyond New York and Wall Street, this is an issue that's affecting hard-working people."
House Lawmakers are returning to work today, ready to take a look at the Senate's version of the plan. Party leaders hope to put it up for a vote Friday, provided they think they have enough votes to turn the bailout bill into law.
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