US House Rejects Paulson's $700 Billion Stabilization Act in 2008
1 report, 1 independent
Updated 00:27
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What happened
The US House of Representatives rejected the $700 billion Emergency Economic Stabilization Act of 2008, which was proposed by Treasury Secretary Paulson. The vote on September 30, 2008, resulted in 225 votes against 208. The rejection occurred amid a period of market meltdown and geopolitical upheaval.
From countercurrents.org
Why it matters
The rejection of a major stabilization act during a financial crisis could impact market confidence and the government's ability to intervene in the economic downturn. The event was reported alongside discussions of a historic geopolitical upheaval.
From countercurrents.org
Who's involved
- HouseThe legislative body that voted down the stabilization act