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That same day, the legislation for the bailout was put before the United States House of Representatives and failed 205–228, with one not voting. Democrats voted 140–95 in favor of the legislation, while Republicans voted 133–65 against it.
On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
On October 1, a revised compromise version was approved by the Senate with a 74–25 vote. The bill, HR1424 was passed by the House on October 3, 2008, and signed into law. The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. [11]
You may not like the bailout bill that passed during the dark days of 2008. ... the representatives and senators who voted for its passage. All votes. On this day in economic and legislative ...
General Motors Corp. (GM) and Chrysler have received $17.4 billion in U.S. funds (so far), which they received only after much congressional teeth gnashing. Meanwhile, American International Group ...
A 2019 study by economist Deborah Lucas published in the Annual Review of Financial Economics estimated "that the total direct cost of the 2008 crisis-related bailouts in the United States" (including TARP and other programs) was about $500 billion, or 3.5% of the United States's GDP in 2009, and that "the largest direct beneficiaries of the ...
The Senate voted, 61–36 (with 2 not voting) on February 9 to end debate on the bill and advance it to the Senate floor to vote on the bill itself. [21] On February 10, the Senate voted 61–37 (with one not voting) [ 22 ] All the Democrats voted in favor, but only three Republicans voted in favor ( Susan Collins , Olympia Snowe , and Arlen ...
Ford agreed to a consent order with the agency that includes a payment of $65 million, and $45 million in spending to comply with the law. Another $55 million will be deferred. Another $55 million ...