Bailout Passed!

After a long week on Capitol Hill the $700 billion bailout plan has been passed by the Senate, House of Representatives and signed by President Bush on Friday.

President Bush said on Friday, "[that] by coming together on this legislation, we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country. We have shown the world that the United States of America will stabilize our financial markets and maintain a leading role in the global economy."

On Friday the House passed the bill on Friday with a vote of 263-171.

House Speaker Nancy Pelosi said Friday after the vote, "we confront a crisis of historic magnitude that has the ability to do serious injury not simply to our economy, but to the American people: not just to Wall Street, but to everyday Americans on Main Street."

Officials say the final cost of the bailout will be far less than $700 billion because the government will resell the assets that it buys.

The money will be disbursed in parts allowing the U.S. Treasury to buy up billions in bad mortgages debts. Congress able to block the second $350 billion.