By a vote of 263-171, the U.S. House of Representatives Friday passed a financial rescue plan to help stabilize the American economy.
In a vote that stunned the financial markets, the House earlier in the week had rejected the $700 billion plan. Many members said their constituents saw it as a bill that did much for Wall Street, but little for Main Street.
Over several days of negotiations, several items were added to the bill that attracted wider support in the Congress. The bill passed the Senate Wednesday night.
Rep. Lee Terry (R-Nebraska) voted for the bill. Congressman Terry says it was with reluctance. In remarks on the House floor he said, "I now know that to save ourselves we must also save the pigs. Those greedy pigs on Wall Street (who) do not deserve help from hard-working Americans."
"But allowing them to fail will cause so many other businesses...to lose access to credit, lose business and eventually may have to close their doors. Even in Nebraska, far away from Wall Street ... I have heard from several business leaders ...who say they will have to layoff some employees if liquidity in our financial system is not restored."
Nebraska's 3rd District Congressman, Adrian Smith (R-Nebraska), voted against the package. So too did Iowa's 5th District Congressman, Steve King (R-Iowa), whose district includes Council Bluffs and much of western Iowa.
President Bush says he will quickly sign the bailout bill into law, applauding Congress for clearing the measure. The president said he believes in a free-market system and that the government should intervene "only when necessary." He thought it represented "decisive action" by Washington to ease the widening credit crunch across the country.