The measure passed by 92 votes, 263 to 171, with the plan picking up support on both sides of the aisle after going down to defeat in the House on Monday.
President Bush said he would sign the bill Friday.
“These steps represent decisive action to ease the credit crunch that is now threatening our economy,” Bush said of the provisions of the bill.
“The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses,” Ben Bernanke, chairman of the Federal Reserve, said in a statement.
From a facebook alert:
1) The American Government spends trillions of our tax dollars bailing companies out. When the CEO makes millions a year, there is no reason they need tax dollars to help them out.
And from the bailout proposal:
2) Section 5: Rights; Management; Sale of Mortgage-Related Assets.
(c) Sale of Mortgage-Related Assets.–The Secretary may, at any time, upon terms and conditions and at prices determined by the Secretary, sell, or enter into securities loans, repurchase transactions or other financial transactions in regard to, any mortgage-related asset purchased under this Act.
3) Section 8: Review.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
4) Section 10: Increase in Statutory Limit on the Public Debt.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $11,315,000,000,000.
5) Section 8 prohibits the constitutional right to petition the government. This legislation will be in violation of the US Constitution and many State Constitutions.