When was the 700 billion dollar bailout

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Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Introduction to Economic Depression. History of Economic Depression. Government Actions. The measure , which is designed to get battered lending markets working normally again, needed votes for passage. But it came up 13 votes short of that target, with a final vote of to against.

Two-thirds of Democrats and one-third of Republicans voted for the measure. President Bush, who earlier in the day said he was confident the bill would pass, said he was "very disappointed" by the House vote.

Treasury Secretary Henry Paulson, speaking at the White House, said he will continue to "use all the tools available to protect" the economy. Republican leaders, who had pushed their reluctant members to vote for the bill, pointed the finger for the failure at a speech given Monday by Speaker Nancy Pelosi, D-Calif.

Pelosi, speaking on the House floor, had blamed the nation's economic problems on "failed Bush economic policies. House minority leader John Boehner, R-Ohio, said after the vote that passage would have been possible if it had not been for Pelosi's "partisan speech. Barney Frank, D-Mass. The four-hour debate that preceded Monday's vote included impassioned pleas for and against the measure from Democrats and Republicans alike. Party leaders told members that the only way to protect the economy from a spreading credit crunch was to vote for the difficult-to-swallow measure.

Spencer Bachus, R-Ala. There are no other choices, no other alternatives. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. US Economy Fiscal Policy. By Kimberly Amadeo. Learn about our editorial policies. Updated October 01, Article Sources. Your Privacy Rights. To change or withdraw your consent choices for TheBalance.

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