Two days after Senate passage, the House passed on Friday, October 3, its version of the Emergency Economic Stabilization Act (EESA) of 2008 by a vote of 263-171. The bill now goes to President Bush, who is expected to sign it promptly. The House bill passed on the same day that Wells Fargo gained the inside track on acquiring Wachovia in a $15 billion stock swap. Wachovia was to be acquired by Citigroup, but that deal fell through.
The Senate package, passed on October 1 by a vote of 74-25, includes the financial-market rescue provisions that the House rejected September 29, plus an increase in FDIC insurance coverage to a maximum of $250,000. The Senate also extended numerous expiring business and energy tax provisions, kept the alternative minimum tax from increasing in 2009, and added disaster assistance.