Atlanta, Ga. 10/4/2008 1:12:11 AM
News / Finance

U.S. House Passes $700 Billion Rescue Plan for Failing Financial Institutions

Just days after voting down a $700 billion rescue plan the U.S. House passed revised bill on Friday that had already been passed by the Senate.

 

The revised rescue plan bill added additional tax breaks, increased protection by the FDIC on saving deposits and increased aid for hurricane victims to go along with its main objective of buying bad debt from struggling financial institutions that are on the brink of collapse and stabilize the economy.

 

The bill passed 263-171 and will now be signed into law by President George Bush.

 

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