Bush Enacts Historic Financial Rescue

"With evidence mounting that the nation faces a sharp economic downturn, Congress yesterday gave final approval to what may be the biggest government bailout in American history, authorizing the Bush administration to spend $700 billion to try to thaw frozen credit markets and prevent a deep recession.

Prodded in part by calls from fearful constituents reporting an alarming drop in their ability to borrow money, the House voted by a wide margin to reverse its earlier defeat of the measure and send it on to the White House. Many lawmakers were swayed by revisions to the bill that offer fresh cash for disaster assistance and extend an array of tax breaks for families and businesses worth an additional $107 billion over the next 10 years. ......"