President Bush Praises Senate Passage of Bailout

By: Associated Press Email
By: Associated Press Email

WASHINGTON (AP) - President Bush is praising the Senate for
approving a financial bailout and calling on the House to do the same.

In a statement released following Wednesday night's vote, the president said he believes members of both parties in the House can support the legislation. He said the American people expect and the economy demands that the House passes the bill.

In the final vote, 40 Democrats, 33 Republicans and independent
Joe Lieberman of Connecticut voted "yes." Nine Democrats, 15
Republicans and independent Senator Bernie Sanders of Vermont voted
"no." John McCain and Barack Obama cast "aye" votes.

The rescue package would allow the government to spend billions
of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions.

Critics say the rescue plan is a giveaway for Wall Street and has little obvious direct benefit for ordinary Americans.

Meanwhile, Wall Street is reacting cautiously to the Senate's passage of the banking bailout plan.

Stock index futures, which give an indication of how trading will proceed when the market opens, are down moderately after the

Dow Jones industrial average futures are down 48, or 0.44
percent, at 10,839.

Investors may be taking a wait-and-see approach until the House votes on the plan on Friday. It was the House's defeat of the plan Monday that sent the Dow plunging 778 points.

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