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Friday, October 03, 2008

The U.S. House of Representatives Passing Bailout Bill

The Emergency Economic Stabilization Act of 2008 also known as the "Bailout Bill" has passed the U.S. House of representatives, voting isn't finished, but the 217-218 vote threshold has already been passed.

Earlier it was reported by ABC'S Political Radar that officials were saying the US House of Representatives had enough votes to pass the bill and after the vote concluded, those reports were shown to be true.

The House of Representatives needed 217-218 votes to pass the bill, with everyone voting, it looks like thet have already have over 260 votes for the bill.

The Emergency Economic Stabilization Act of 2008 aka Bailout, has been voted on and the threshold has been passed and the bill goes through.

I will bring the final vote count when it is. Numbers continue to change even though they announced the passing of the bailout, there is an overwhelmingly majority though.

Original reports from The Hill, say it passed at 263 to 171.

The Senate passed the bill with a vote of 74 to 25 (Roll call here) as reported by Business Week.

SFGate reports there were billions of earmarks and pork added into the Senate version of the bill.

While crafting a bill intended to rescue the U.S. economy this week, lawmakers couldn't stop themselves from adding billions of dollars in tax breaks that have little to do with restoring confidence in financial markets.

Yesterday Nancy Pelosi had said they would not bring the bill to the floor of the House again unless they were sure they had the votes to pass it.

Measure Title:

A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.

You can read more about the version that passed the Senate here.

[Update] House roll call on the Emergency Economic Stabilization Act of 2008 can be found here.

(Corrections made to this article to reflect the official passing of the bill)

Welcome to socialism.

[Update] Below is a CNN video where each piece of pork aka earmarks, are traced back to the politician which would benefit from it, perhaps a bribe to get their support on the bailout bill? You decide.