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After Week of Debate, House Passes Bailout Plan

Members of the House approved a modified federal rescue plan Friday, moved by the Senate's support and mounting concerns over the stability of the U.S. financial sector. Kwame Holman reports on the bill's passage.

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  • JIM LEHRER:

    Now, the first of our three takes on the economic crisis tonight.

    NewsHour congressional correspondent Kwame Holman reports on today's final approval of the financial recovery plan.

    REP. DAVID DREIER (R), California: For the second time this week, this body will consider a plan to unclog our banking system and unfreeze our credit markets.

  • KWAME HOLMAN:

    The sense of deja vu on the House floor today was infused with caution. Supporters of the economic bailout bill knew that over-confidence contributed to the bill's shocking failure on Monday.

    Now, buttressed by a three-fourths majority vote for the bill in the Senate on Wednesday, members prepared to re-vote the bill that has as its centerpiece the unprecedented authorization for the U.S. Treasury to buy up to $700 billion worth of tainted mortgage-backed securities.

    Most of the no votes on Monday came from Republicans. Today, their leader, John Boehner of Ohio, said even passing the bill this time would not be a cure-all for a worsening economy.

    REP. JOHN BOEHNER (R-OH), House Minority Leader: We're in the midst of a recession. It's going to be a rough ride, but it will be a whole lot rougher ride if we don't pass this bill.

    But I will say to all of you, when this bill passes today, remember those words, "In God we trust," because we're going to need his help.

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