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Bush signs bailout measure

U.S. President George W. Bush (L) greets Treasury Secretary Henry Paulson outside the Treasury Department in Washington on October 3, 2008. Congress passed the $700 billion bailout of the financial industry earlier today. (UPI Photo/Brendan Smialowski/POOL)
U.S. President George W. Bush (L) greets Treasury Secretary Henry Paulson outside the Treasury Department in Washington on October 3, 2008. Congress passed the $700 billion bailout of the financial industry earlier today. (UPI Photo/Brendan Smialowski/POOL) | License Photo

WASHINGTON, Oct. 3 (UPI) -- U.S. President George Bush signed into law the far-reaching rescue package for the U.S. financial markets passed by Congress.

Bush said the plan, which allows the secretary of the U.S. Treasury to buy up to $700 billion in troubled assets, will help the economy weather the financial crisis, CNNMoney.com reported.

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By acting in a bipartisan manner, "we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said after the U.S. House of Representatives passed the $700 billion bailout package 263-171. "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."

The Senate passed its version of the bill 75-24 Wednesday. The House rejected its version of the measure 228-205 Monday.

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