House approves Wall Street bailout package by a 263-171 vote

Fri, Oct 3 2008, 17:45 GMT
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WASHINGTON (Thomson Financial) - The House of Representatives today approved a bailout package for Wall Street that will allow the Treasury Department to buy up billions of dollars worth of illiquid assets in the hopes of making it easier for banks to lend to each other and boost the sagging economy.

The House approved the bill by a 263-171 vote today, four days after the House failed to find enough votes for an earlier version of the bill.

The House's rejection of the bill Monday rattled Wall Street and pushed equities to their biggest point drop ever. It also led the Senate to quickly amend the bill and approve it on Wednesday.

It became clear that the House would approve the bill today, in part due to the Senate's inclusion of billions of dollars worth of tax breaks that attracted more Republican votes. Only about one-third of House Republicans, or 65, voted in favor of the bill Monday, but 25 additional Republicans supported the bill today.

There were also about 25 more Democrats supporting the bill today.

House passage of the bill today means the legislation will be sent to the White House for President Bush's signature into law.

pete.kasperowicz@thomsonreuters.com

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