It looks like the new Economic Stability Act of 2008 has been given a second chance at life. After being shot down by the House of Representatives earlier this week the Senate has given its official blessing, so now the new piece of legislature will be forwarded off to the House of Representatives for a second vote. I have a hunch that it will be passed this second time around, but you never know. Here is an official press release:
By JULIE HIRSCHFELD DAVIS and CHARLES BABINGTON, Associated Press Writers
WASHINGTON – After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections….
More can be read in the source article (see below)
Source: Yahoo News