President Bush has signed into law the $700 billion government bailout of Wall Street. The President’s signature came shortly after the House voted to approve the bill with a 263-to-171 vote.

President Bush: “I know some Americans have concerns about this legislation, especially about the government’s role and the bill’s cost. As a strong supporter of free enterprise, I believe government intervention should occur only when necessary. In this situation, action is clearly necessary.”

Fifty-eight Congress members who voted against the bailout last Monday switched sides to support it in Friday’s vote. The bill included more than $100 billion in corporate and personal tax breaks. Critics said the new provisions amounted to earmarks for incumbents wary of public opposition. Beneficiaries of the tax breaks include the auto racing body NASCAR, manufacturers of wooden arrows and importers of Puerto Rican rum. House Speaker Nancy Pelosi said the bill was essential to protect average Americans.

House Speaker Nancy Pelosi: “As we observe the passage of a very serious piece of legislation, we must do so with an eye to the future. We’re faced with a situation that had terrible ramifications for everyone on Main Street, but all the attention was on Wall Street. We want to turn that attention, and that was our intent in the legislation.”