Friday, October 3, 2008

U.S. House passes massive financial rescue bill

Congress has passed complex and highly criticized legislation authorizing $700 billion in government money to shore up the nation's stressed financial industry.

The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

In the Louisiana delegation, Reps. Rodney Alexander, Charles Boustany, Jim McCrery and Charlie Melancon voted in favor of the bill, while Reps. Don Cazayoux, William Jefferson and Steve Scalise voted against the bill. Alexander, R-Quitman, and Boustany, R-Lafayette, switched their votes from Monday.

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