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Congress Approves $700B Bailout Legislation

Congress approves a massive plan to shore up the U.S. financial system, despite a stunning early defeat. The Senate passed the legislation on Wednesday evening, and the House passed the legislation on Friday afternoon.

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Lawmakers Revise Rescue Plan
Article | Prodded by a wave of angry calls from constituents, congressional leaders dialed back partisan bickering over the $700 billion Wall Street rescue plan yesterday and advanced modest changes to the legislation in an effort to win over House Republican holdouts.
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With No Plan B, House Reluctantly Passes Politically Risky Measure
Article | Henry M. Paulson Jr. was in his corner office in the Treasury Department on Monday afternoon, too nervous to turn on his television, when his chief of staff poked his head into the Treasury secretary's office to tell him the stunning news playing out on Capitol Hill: The House had just defeated the...
This Story
A Two-Pronged Push To Aid Ailing Banks
Article | Two federal agencies moved yesterday to ease the financial pressure on banks even as Congress continued to debate the wisdom of a broader intervention.
This Story
Bush Enacts Historic Financial Rescue
Article | With evidence mounting that the nation faces a sharp economic downturn, Congress yesterday gave final approval to what may be the biggest government bailout in American history, authorizing the Bush administration to spend $700 billion to try to thaw frozen credit markets and prevent a deep...

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