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U.S. Congress, Financial Timeline Saturday, October 11     Author
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Senate backs new bail-out bill
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2006 (1) 2005 (4) 2003 (5) 2002 2001 (2)
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House backs $700bn bail-out plan


October 2008 ... more > Top ^

Oct. 3
  The House of Representatives has passed by 263-171 vote a government plan to rescue the US financial sector
 The package is to buy the bad debts of failing financial institutions on Wall Street. The vote was the second in a week, following its shock rejection of an earlier version. Bush praised lawmakers for their spirit of co-operation before signing the bill into law

Oct. 1
  The Senate, 74 to 25, has approved a new version of a $700bn rescue plan for the troubled US financial system.    Senators voted in favour of the emergency legislation to stabilise volatile markets and limit further damage to the economy. The plan included a...


September 2008 ... more > Top ^

Sep. 29 $700 billion bailout package failed
  Democrats and Republicans immediately blamed each other for the failure of the bailout package in the House
 The package failed in the House by a vote of 228-20. It was unclear in what form the congressional leadership would bring the bill back to the floor. House Republican leaders blamed Nancy Pelosi for the bill's failure
Wall Street bail-out goes to vote   The House of Representatives is debating ahead of a vote on a $700bn plan to bail out Wall Street Sep. 28 US lawmakers publish rescue deal
  The move, backed by both Republicans and Democratics, allows the Treasury to spend up to $700bn buying bad debts from ailing banks
Buffett: Bail out or face meltdown  Billionaire Buffett told congressional negotiators that if they can't agree on a financial bailout, the nation will face 'its biggest financial meltdown' Sep. 27 'Great progress' in US bail-out  Congressional leaders have reached the broad outline of a rescue plan for the US financial system; but details remain to be worked out US edges closer to bail-out deal  Republican and Democratic Party lawmakers are getting closer to agreeing a massive rescue plan to aid the financial markets Sep. 23 Congress cool after bail-out plea  Lawmakers have expressed strong scepticism about a bail-out of the banking system, following a 5-hour Senate hearing on the rescue plan Paulson eyes rescue plan backing  Treasury Secretary is to urge a key Congressional hearing not to delay a $700bn bail-out of the US banking system Sep. 20 Crisis talks over 'toxic debt' rescue plan  Lawmakers were to hold urgent talks with Treasury and Federal Reserve officials to nail down details of a $700 billion economic rescue plan

August 2008 ... more > Top ^

Aug.5 Iraq's projected $80b surplus stirs anger
  U.S. auditors: Iraq is raking in more money from oil exports than it is spending, amassing a projected 4-year budget surplus of up to $80 billion


year 2006 Top ^

Feb.2 Congress scraps cotton subsidy  The Congress has approved the scrapping of major subsidies to the cotton industry, to help the developing world

year 2005 Top ^

Sep.9 $51.8b storm aid approved  Congress approved emergency spending to pay for Hurricane Katrina recovery efforts Sep.7   Bush seeks $50bn hurricane relief  The President Bush is to ask Congress for more extra emergency funding to deal with the aftermath of Katrina Feb.7   Bush budget seeks deep cutbacks  U.S. President has presented his 2006 budget to Congress, cutting 150 domestic programs

year 2003 Top ^

Nov.3 Congress passes Iraq budget  The Senate has given final approval to Bush's huge emergency funding package for Iraq and Afghanistan Oct.30 $87 billion approved for Iraq, Afghanistan  On a 298-to-121 vote, the House is clearing the way for final Senate approval and a presidential signature Apr.16   Bush calls for $550 billion in tax cuts  President used the backdrop of tax day to press Congress to approve tax cuts he says will spur a sagging economy Apr.11 U.S. House passes $550bn tax cut  The House of Representatives voted 216 to 211 after weeks of heated debate Mar.25   Senate reverses Bush tax cuts  The Senate has reduced the size of proposed tax cuts by 50%, from $726bn to $360bn

year 2002 Top ^



year 2001 Top ^

Oct.5 Bush pushes for more tax cuts  President has asked Congress to implement an additional $60bn worth of tax cuts and credits May.10 Senate OKs budget plan  Compromise budget resolution that calls for $1.35 trillion in tax cuts over 11 years was approved by 53-47 vote



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