$700 billion rescue plan bill passed

Congress has passed the $700 billion financial industry rescue plan. President Bush wasted no time signing it into law.

The House of Representatives rejected a version of the plan earlier this week – sending the stock market tumbling.

The Senate modified the bill yesterday, and apparently House members were happy with the changes. The House approved it 263 – 171 this afternoon.

The revised bill increased the dollar amount on FDIC insured deposits, which appealed to members of both parties. However, critics say the final bill contained too many unnecessary ‘pork projects.’

You can use the following link to read the complete text of the bill.