Revised Bailout Bill Easily Clears House, 263-171

By M. Morris,  Newser Staff
Posted Oct 3, 2008 12:49 PM CDT
House Financial Services Committee ranking member Rep. Spencer Bauchus and Chairman Barney Frank talk as they wait to testify before the House Rules Committee Thursday, Oct. 2, 2008.   (AP Photo/Susan Walsh)
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(Newser) – The House passed the revised $700 billion buyout plan this afternoon, 263-171, raising hopes that the economy will be able to fend off a recession, reports the Washington Post. After 5 days of arm-twisting, 26 Republicans switched their no votes; a total of 91 joined 172 Democrats in backing the legislation today. Within minutes, President Bush said he'll sign it as soon as Congress gets it to him.

"It is a vote we must win for the American people," Speaker Nancy Pelosi said as voting began just hours after she said she'd rather withdraw the legislation than see it fail as it did Monday, when the House vote set off a catastrophe on Wall Street. As monitors around the chamber made the outcome clear at 1:23 pm, applause broke out on the House floor.