WASHINGTON -- President Bush has signed into law a far-reaching $700 billion bill to bail out the nation's tottering financial industry, shortly after it won final approval from Congress.
The president signed the measure at his desk in the Oval Office. Photographers were invited in to capture the moment.
The president signed the bill after returning from the Treasury Department where he thanked employees for their work on the rescue package.
The House, which on Monday rejected an earlier version of the bill and sent stocks tumbling, approved it this time by a vote of 263-to-171. Senate approval came Wednesday night.
House Republican Leader John Boehner of Ohio says there's a "financial crisis" that would probably get worse without congressional action. He said there could be "an economic slump like most of us have never seen."
And House Speaker Nancy Pelosi said the bill was needed to "begin to shape the financial stability of our country."
But even before the vote, the White House tried to dampen optimism about its immediate impact on the economy. A spokesman says it's not aimed at giving a boost to the economy, but only at preventing a crisis in the economy.
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.