Daily VideoOctober 6, 2008
Congress Votes Yes on Financial Bailout, But Economy Worsens
A $700 billion financial rescue plan won final approval in Congress Friday when the U.S. House approved a revised version of a bill it rejected earlier in the week.
The controversial measure passed easily, 263-171. President Bush quickly signed the bill, saying lawmakers acted boldly in the face of public doubts.
Treasury Secretary Paulson promised to get moving on buying bad debts from banks. But the bad economic news continues: job losses in September were worse than expected. The Labor Department said the economy has lost jobs nine months in a row, for a total of 760,000 so far this year.
This report looks at the vote in the House and what’s ahead for the U.S. economy.
“Now we face a very real crisis. The credit markets are shutting down. People will not be able to get car loans, loans for store inventories. There will be thousands of bank failures, millions of job losses. This is the only bill that can be agreed upon now. We’re not sure this bill will solve the crisis, but it might.” – Democratic Rep. Jerrold Nadler of New York
“Monday, I cast a blue-collar vote for the American people, shook the foundations of Wall Street, demanding more accountability. But today, I’m going to cast a red-, white- and blue-collar vote.” – Republican Rep. Zach Wamp of Tennessee
“I talked with Senator Barack Obama, who made it very clear to me that the cost and the price of inaction was too great to the nation. And he assured me of my chief concerns regarding basic individuals who more often than not during the course of this debate have been nameless and faceless.” – Democratic Rep. Jesse Jackson, Jr. of Illinois
Warm Up Questions
1. What is happening to the United States economy right now?
2. What are some differences between Republican and Democratic economic policy?
3. What does Congress do? What role does it play in American society?
1. What do you think about the law Congress passed on Friday?
2. What did you think of what the lawmakers said? Did this report give you a better sense of how members of Congress think and vote? Did it give you more confidence in our government or less?
3. Do you understand how the rescue package works and what it will attempt to do? If not, write up a list of questions, divide them up amongst the class, have each group research a question and write an answer. Share the answers with the rest of the class.
Tooltip of related stories
Tooltip of more video block
Submit Your Student Voice
Schools in Baltimore, Maryland are experimenting with meditation as a way to help students deal with stress and trauma. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
February 19, 2017, marked the 75th anniversary of President Franklin D. Roosevelt’s controversial executive order, which allowed the government to incarcerate Japanese Americans after the attack on Pearl Harbor in World War II. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
Dozens of cities throughout the United States have been deemed “sanctuary cities,” where local governments resist cooperating with federal immigration officials, including handing over undocumented immigrants who have may committed very minor offenses. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
In order to address the homelessness problem facing students, a school district in Kansas City, Kansas, with over 1,000 homeless students, partnered with Avenue of Life, a nonprofit organization that brings students out of homelessness by supporting the entire family. Continue readingArts & CultureEconomicsHealthScienceU.S.UncategorizedWorld
In places where violent conflict makes it difficult for human rights investigators to observe, social media platforms now make it possible to document abuses.Arts & CultureEconomicsHealthScienceU.S.UncategorizedWorld