President signs bailout bill

Published 10:52 am Monday, October 6, 2008

By Staff
U.S. Rep. Jo Bonner was again among the House members to sign a $700 billion economic rescue bill Friday, but this time the measure went to President Bush, who almost immediately signed it.
The Senate passed a new version of the legislation Wednesday. The House had rejected it by a narrow margin Monday.
The measure is intended to ease credit markets, which have frozen in the wake of bank troubles caused by a mortgage crisis.
The plan allows the federal government to buy bad debt from banks, which lawmakers hope will facilitate new lending to businesses and individuals. Banks have been reluctant to loan money to each other and others during the credit crisis, and some banks have failed or been taken over by others.
Bonner said earlier this week that he was wary of the plan but believed it was the right thing to do for the economy.
U.S. Sens. Richard Shelby, an early opponent of the plan, and Jeff Sessions voted against it Wednesday.
The burden has been on the secretary of the treasury to explain with specificity what happened to our financial markets and how his extraordinary proposal will help. As a steward of taxpayer money, I do not believe that burden has been met.”