House passes economic recovery package
The House today passed its version of the Emergency Economic Stabilization Act of 2008 by a vote of 263 to 171, welcome news to the Associated General Contractors of America . The bill now goes to President Bush, who is expected to sign it promptly.
The package, which the Senate passed on Wednesday, 74-25, includes the financial-market rescue provisions that the House rejected on Monday, plus an increase in FDIC insurance coverage to a maximum of $250,000.
The Senate also extended numerous expiring business and energy tax provisions, kept the alternative minimum tax from increasing in 2009, and added disaster assistance.