Your Voice Your Vote 2024

Live results
Last Updated: April 23, 10:42:16PM ET

Sights and sounds: Bailing out the economy and 'averting serious consequences'

ByABC News
September 28, 2008, 6:46 PM

— -- With the credit markets on the verge of collapse, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke went before Congress 10 days ago to warn legislators of serious economic consequences and the possibility of an economic meltdown if action was not taken.

That unleashed a dramatic debate about what needed to be done and intense negotiations to craft a plan in the midst of a partisan campaign season.

The resulting $700 billion financial bailout bill, drawn up over the weekend, is now scheduled to be voted on Monday by the House.

USA TODAY's Julia Schmalz, Larry Webb