HeraldNet: House passes bailout plan



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The Petri Dish

October 3, 2008

House passes bailout plan

Posted at 10:28 am by Jerry Cornfield

The House of Representatives passed the economic bailout package today on a 263-171 vote. This bill, which the Senate approved Wednesday, will now be sent to the president for his expected signature today.

This is not the same legislation rejected by the House on Monday. One difference is federal insurance will be provided for up to $250,000 in bank deposits, an increase from the present cap of $100,000.

The biggest change is the Senate tacked on a package of tax cuts and credits. One of them lets Washington residents deduct what they spend on sales tax from their federal income taxes. Other credits are for alternative energy users.

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