Back To The Drawing Board For Bailout Bill

Law360, New York (September 28, 2008, 12:00 AM EDT) -- U.S. Treasury Secretary Henry Paulson was set to mull over options with President Bush, the Chairman of the Federal Reserve and key members of Congress after the $700 billion bailout plan failed to pass the House of Representatives on Monday afternoon.

The bill, called the Emergency Economic Stabilization Act of 2008 (HR 3997), had proponents on both sides of the aisle, but they failed to muster the necessary votes to get the measure passed.

All told, 205 Representatives voted in favor of plan, while 228 Representatives...
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