Senate Bailout Vote
The United States Senate voted on, and approved, the proposed $700 billion bailout bill on October 1, 2008. The final vote tally: 74 in favor of the measure, 25 against. On September 29, 2008, the U.S. House of Representatives rejected the Emergency Economic Stabilization Act of 2008 by a 228-205 vote.1 2
Fast Facts
- Senate approved the bailout bill by a wide margin on October 1, 2008
- Measure passed by a vote of 74 to 251
- Vote time: just after 9 p.m. EST
- Senators John McCain and Barack Obama both voted in favor of the bill3
- U.S. House rejected bailout measure on September 29, 20082
- House was expected to reconsider bailout on October 2, 20082
- Dow plummeted 777 points after House rejected bailout2
- Senate included hike in FDIC deposit insurance limit in bill2
- Tax cut rejected in the House2
Bailout Bill Sweeteners
On the day of the historic vote in the Senate on the bailout bill, several so-called "sweeteners" were added to the measure. Among them: $100 billion in tax cuts for businesses and the middle class, and an increase in the amount of federal insurance for bank deposits from $100 thousand to $250 thousand. Congressional leaders hoped that the additions would make the bailout bill more attractive to Republicans.4 5
Latest News on the Financial Crisis
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Bailout bill text
Emergency Economic Stabilization Act of 2008
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Bailout Bill Passes | Bailout Bill Rejected | Bailout Bill Text | Emergency Economic Stabilization Act of 2008 | Mortgage Bailout Plan | Bailout Bill Sweeteners | Kids Wooden Arrows
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