Bailout Bill Rejected
The U.S. House of Representatives rejected the bipartisan Emergency Economic Stabilization Act of 2008 by a 228-205 vote on September 29, 2008. In the days prior to the vote, Democratic and Republican leaders of the House and Senate expressed confidence that the $700 billion rescue plan would pass the House and Senate. On news that the bill was rejected, the Dow Jones Industrial Average dropped 705 points, although it later gained back some ground.1
On September 30, 2008, President Bush addressed the nation in a press conference at the White House. He appealed to the general public and Congress to support the bill saying that the "consequences will grow worse each day" if action was not taken.2
Fast Facts
- Dow dropped 705 points on news of rejection of bill1
- House planning second attempt to pass bill1
- House will not revote until at least October 2, 2008
- Vote: 228 Nay, 205 Yay1
- President Bush said he was "very disappointed"
Main Provisions
- Provides up to $700 billion for the Secretary of the Treasury to buy mortgages and other assets3
- Raises the American debt ceiling from $10 trillion to $11.3 trillion4
- Establishes a program to allow companies to insure those assets3
Related Pages on Mahalo
Mortgage Bailout Plan | Bailout Bill Text | Dow Jones Industrial Average | Emergency Economic Stabilization Act of 2008 | Pelosi Bailout Speech
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