The revised $700 billion bank bailout plan has been passed by the US House of Representatives by a vote of 263 against 171, in a hope to save the US economy from a collapse caused by the mortgage crisis.
President George Bush said that the legislation was completed in a timely manner and will help prevent the crisis on the Wall Street from becoming a national disaster. World stock markets plunged following the House's rejection of the bill on Monday.
The effect of the bill will take time, and the US still continues facing serious challenges, Bush warned.
Speaker of the US House of Representatives Nancy Pelosi, who signed the bill, said: "The revised bill will benefit American people, especially the middle-classes."
Accountability, regulatory reforms and a focus on the middle-class will top the agenda of the financial system to prevent the US from repeating the same crisis and mistakes, said Pelosi, adding that free markets have created jobs and capitals, but when they are left unregulated and undisciplined, chaos is created.
The passage of the bill has incited negative responses, which call for sending the money to ordinary Americans and mortgage borrowers.
President George Bush said that the legislation was completed in a timely manner and will help prevent the crisis on the Wall Street from becoming a national disaster. World stock markets plunged following the House's rejection of the bill on Monday.
The effect of the bill will take time, and the US still continues facing serious challenges, Bush warned.
Speaker of the US House of Representatives Nancy Pelosi, who signed the bill, said: "The revised bill will benefit American people, especially the middle-classes."
Accountability, regulatory reforms and a focus on the middle-class will top the agenda of the financial system to prevent the US from repeating the same crisis and mistakes, said Pelosi, adding that free markets have created jobs and capitals, but when they are left unregulated and undisciplined, chaos is created.
The passage of the bill has incited negative responses, which call for sending the money to ordinary Americans and mortgage borrowers.
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