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“Nine straight months of job losses is a painful verdict on the [Bush administration’s] economic mismanagement of the last eight years,” House Speaker Nancy Pelosi said before Friday’s vote, echoing the partisan tone from a speech she was criticized for giving prior to Monday’s failed House vote.

The core of the Wall Street rescue package, proposed by Treasury Secretary Henry M. Paulson Jr. just two weeks ago, will give the Treasury up to $700 billion to buy up now-toxic mortgages and mortgage-related securities that are clogging the books of the nation’s banks and financial firms.

Until those assets are addressed, Mr. Paulson has argued, banks will not lend, consumers and businesses will be unable to borrow, and the aftershocks will be felt in pensions, savings plans, paychecks and payrolls across the country.

President Bush signed the legislation into law less than two hours after it passed the House. He then walked off the White House grounds for an unscheduled trip to the Treasury Building, which is next door, to thank Mr. Paulson and department employees.

“I know that your people are exhausted in there,” Mr. Bush said to Mr. Paulson, who nodded. “Sometimes people in government never get thanked enough.”

House leaders from both party’s pressed their members throughout the week to get the extra votes needed to pass the bill since its initial failure Monday, with phone calls to members and meetings to shore up existing support and switch votes from lawmakers once leery of angering voters disgusted by the idea of bailing out Wall Street.

The financial markets began to sour in mid-September with the news that the government would not bail out the venerable investment bank Lehman Brothers and that Merrill Lynch had been forced to sell itself to Bank of America.

Days later, when insurance giant American International Group (AIG) only avoided collapse with a $85 billion Treasury loan, stock market losses began to plummet, prompting the Federal Reserve to inject $180 billion into the global market.

Mr. Paulson and Federal Reserve Chairman Ben S. Bernanke then met with Mr. Bush and pushed for the $700 billion rescue plan as an option of last resort.

Lawmakers said they improved the original three-page Paulson blueprint, adding several layers of oversight, some relief for homeowners struggling to meet mortgage payments, strict limits on executive pay for those who participate in the plan, and an ownership stake for the federal government in the companies being helped.

When the U.S. housing market recovers and the mortgages gain in value, the government stands to recoup at least some of the money spent.

The deal also includes a tax-cut package that will eliminate certain business and energy-related taxes and the alternative minimum tax, which would have hit about 22 million Americans with a tax increase of about $2,000.

The violent swings in the market and an ease in constituent opposition to the rescue plan in recent days also helped win over leery House members from both parties.

Rep. Elijah E. Cummings, a Maryland Democrat who voted against the bailout Monday, said he changed his mind and supported the measure Friday because of his constituents’ growing despair over the credit crunch, including students who can’t get loans and business with canceled credit lines.

“What is happening on Wall Street is bleeding into every aspect of our society, including the neighborhoods I represent,” said the former chairman of the Congressional Black Caucus.

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