WASHINGTON - The U.S. House of Representatives has approved a historic and controversial $700 billion government rescue plan for the battered financial industry. The vote was 263 - 171.

The measure passed the Senate earlier this week and now heads to the White House, where President Bush is expected to sign it into law.

It allows the government to buy up failing investments from troubled financial companies in an effort to restore lender and investor confidence, and to restart lending and economic growth.

Before the vote, House Democratic Majority Leader Steny Hoyer urged his colleagues to vote for the package. He said the problems of investors on Wall Street are hurting the jobs, retirements and homes of millions of ordinary Americans.

Republican Minority Leader John Boehner also supported the measure, telling colleagues that failure to act could bring an economic slump “the likes of which few of us have ever seen.”

Source:  VOA News