After Congress fell 13 votes shy of approving the sweeping $700 billion Emergency Economic Stabilization Act of 2008, Treasury Secretary Henry Paulson Jr. said he was "very disappointed" in the vote.
“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the bill’s defeat yesterday.
“We are committed to working with congressional leaders to get it done,” Mr. Paulson added.
Following the seismic events of the last few weeks in the financial industry, the secretary said the banking system has been “holding up very well, considering all the pressures.”
Noting that the Department of The Treasury has taken “strong actions” to protect the banking system and the economy, Mr. Paulson said that the government has “significant tools” in its tool kit to serve the needs of the markets.
“We will work with what we have until we get from Congress what we need,” he added.
The House yesterday defeated the bailout package by a vote of 228 to 205.
The bill needed 218 votes to pass.
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