After the Senate passed the financial bailout package on Wednesday, the U.S. House of Representatives passed the plan by a 263-171 vote.  President Bush then quickly signed the bill into law on Friday.

Bush signs $700B bailout bill

Clarion-Ledger

WASHINGTON — President Bush has signed into law a far-reaching $700 billion bill to bailout the nation’s tottering financial industry and thanked Congress for acting in a bipartisan and decisive fashion.

“There were moments this week when some thought that the federal government could not rise to the challenge. But thanks to the hard work of members of both parties, in both houses, and the spirit of cooperation between Capitol Hill and my administration, we completed this bill in a timely manner,” Bush said in remarks in the Rose Garden.

The final vote was 263-171 in the House, a comfortable margin that was 58 more votes than the measure garnered in Monday’s stunning defeat. The vote 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.

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After the U.S. Senate passed the bailout package this week with a 74-25 vote, all focus turns toward the U.S. House of Representatives.  Both Mississippi Senators Thad Cochran and Roger Wicker voted against the plan this week despite its passage.  House members are expected to vote on the bailout in a matter of minutes.  

House Works Toward Bailout Vote  
   
Washington, D.C.
Posted: 10:42 AM Oct 2, 2008
The Associated Press

A Members of the U.S. House are gearing up for their second chance to vote on a financial bailout bill.

The measure passed the Senate Wednesday night, with several changes added.

House leaders will be lobbying for the dozen or so more votes they think will help the bill pass. A showdown vote is expected Friday.

The 74-25 roll call by which the Senate approved a $700 billion rescue package for Wall Street aimed at preventing a credit crisis.

Both of Mississippi’s senators, Thad Cochran and Roger Wicker voted against the package, as did Alabama’s Jeff Sessions and Richard Shelby.

On this vote, a “yes” vote was a vote to approve the package and a “no” vote was a vote against it.

Thirty-nine Democrats, 34 Republicans and one independent supported the measure. Voting against it were nine Democrats, 15 Republicans and 1 independent.

Click here to read on WTOK-TV.com.

U.S. Senate Approves Bailout Bill

WJTV.COM
Wednesday, Oct 01, 2008 - 09:19 PM Updated: 09:34 PM

By a vote of 74 to 25 the U.S. Senate has approved the $700 billion bailout for the financial industry. The bill includes another $100 billion in tax breaks that was not included in the version the House voted down Monday.

Mississippi’s two senators voted against the bill. Senator Thad Cochran, who had not said how he would vote beforehand, voted against the measure. Senator Roger Wicker said he would go against the bill before Wednesday night’s vote. Coming up on News Channel 12 at 10 we’ll have more on the U.S. Senate’s vote.

Among there 74 senators voting for the bill were presidential nominees Barack Obama and John McCain. Vice presidential candidate Joe Biden also voted for the bill.

The U.S. House plans to vote on the revised plan Friday.

Click here to read the article on WJTV.com.

As many of you know, the Financial-bailout package failed in the U.S. House of Representatives yesterday by a vote of 228-to-205.  Due in part to the negative vote, the stock market was down significantly yesterday, and Dow suffered a record fall of 777 points. Now, it remains unclear when the House and Senate will return to consideration of a “Stabilization Bill.”  It is likely that something will be brought forward on Thursday.  However, it is not clear what will actually be included in the bill.

The lack of action by the House of Representatives yesterday leaves us uncertain about what proposals may be presented in the coming days.  Without knowing the specifics of the legislation that may be considered later this week, it is impossible to say how Senator Cochran would vote on such a plan.

Senator Cochran is carefully monitoring our current economic situation.  He believes that if signals continue to show that stability in our economy is not immediately achievable, Mississippians’ retirement plans, mortgages, and ability to pay for college could be in jeopardy. 

Please know that Senator Cochran will continue to consider options that will be in the best interest of the American taxpayer.