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Published on Saturday, October 04, 2008
By LA Daily News Staff Writer
WASHINGTON - Getting the financial rescue through Congress may have been the easy part. Getting it to work may prove the tougher task.
After two weeks of anguishing debate, Congress passed and President Bush signed the enormous plan to save the financial industry and prop up the economy in hopes of avoiding an unthinkable free fall with Election Day just a month away.
Treasury Secretary Henry Paulson, at a meeting last month, had shocked congressional leaders into action by warning of pending economic collapse without immediate federal intervention.
After the climatic House vote on Friday, he said aides already were working out details and lining up advisers from outside the government so the money could start flowing. The goal is to unfreeze credit markets.
The immediate response to the 263-171 vote was not promising. Wall Street, which plunged a record 778 points after the House initially rejected the bill last Monday, fell 157 points
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