The Senate passed the bill by a 74-25 vote on Wednesday after adding provisions to make it more attractive to reluctant lawmakers in the House. The House, which could vote on it by noon on Friday, rejected the original bill on Monday after lawmakers were flooded with e-mails and calls from constituents angry at the idea of bailing out Wall Street at taxpayer expense.
The bailout plan, which would allow the Treasury Department to buy soured mortgage-related assets from banks, has been the main hope for government action to unlock credit markets and head off a deeper economic downturn in the United States and abroad.
In the House, the plan faced opposition from many Democrats and was even more unpopular among Republicans, who say they prefer to rely on private capital markets, rather than taxpayers, to free up frozen credit markets.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment