Results tagged “bailoutbill”

President Bush just announced loans to the GM and Chrysler totaling $17.4 billion: $13.4 billion now and $4 billion in February, if they, according to Times, "undertak[e] sweeping reorganizations to show that they can return to profitability." The money will come from the TARP bailout.

With the Senate's failure to pass the $14 billion auto industry bailout bill, world stock markets fell: Asian markets fell over 5% and European markets are down more than 3%. Futures suggest that Wall Street will open lower as well, also due to news from JPMorgan Chase (it had a "terrible" November and December) and Bank of America (cutting 35,000 jobs over three years).

Quickly after the House of Representatives passed the $700 billion bailout package, President Bush signed H.R. 1424 into law, authorizing "the Secretary of the Treasury to establish a Troubled Assets Relief Program to purchase troubled assets from financial institutions; provides Alternative Minimum Tax relief; extends expiring tax provisions and establishes energy tax incentives; and temporarily increases Federal Deposit Insurance limits."

After defeating an earlier version of the bill on Monday, the House of Representatives passed the $700 billion bailout package 263 votes to 171votes against (it needed 218 to pass), sending stocks up. The Senate already passed the bill on Wednesday and now just President Bush needs to sign off. Along party lines, the vote was: 172 yeas to 63 nays for Democrats; 91 yeas to 108 nays for Republicans. The NY Times reports that Rep. Zach Wamp (R-Tennessee) said, “Monday I cast a blue-collar vote for the American people. I am going to cast a red, white and blue-collar vote with my hand over my heart for this country, because things are really bad and we don’t have any choice. We’re out of choices and our backs are up against the wall." And CNBC has details on what's in the revised plan.