NEWS
Emergency Economic Stabilization Act
Oct 03, 2008
By Gustavs Plato
On October 03, 2008, The United States House of Representatives lawmakers voted 263-171 in favor of a $700 billion dollar bill to purchase distressed assets from financial institutions. The plan also includes up to $152 billion in a combination of tax credits and other financial tools to address the economic downturn faced by US firms.

The House's vote was aligned with the recently approved Senate bill which passed by a vote of 74-25. After the House approved the bill, it was delivered to President George W. Bush, who immediately signed it.

The intent of the bill is to ease strains on the credit markets. Many large firms (ATT, GE, etc.) have been reported to be having difficulties accessing the credit they need to run their business operations. California, one of the largest US States, today requested $7 billion dollars to address its short term cash flow needs to operate the state government.

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