The House of Representatives voted 263-171 to approve a $700 billion bill Friday that is meant to aid the ailing financial industry.
The rescue package marks the greatest government financial intervention in the private sector since the Great Depression, according to The Washington Post.
"It is a difficult vote. It is a vote we must win for the American people," House Speaker Nancy Pelosi, D-Calif., said as she ended out two-and-a-half-hours of debate, according to The Post.
The Emergency Economic Stabilization Act will authorize Treasury Secretary Henry M. Paulson Jr. to purchase assets at any price, which is meant to ultimately relieve banks of the failing holdings.
-M.M.
