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Monday, Jun 5, 2023

Bailout Plan Rejected; Market Plummets

When the administration came up 12 votes short of the 218 necessary to pass the proposed $700 billion financial bailout plan, the market reacted with the largest drop in the history of the Dow Jones Industrial Average: 777 points. Another vote is expected, although the timing has not been announced. The vote came after a four-hour debate with those pushing for the bill and those against on both sides of the aisle with Federal Reserve Chairman Ben Bernanke and leadership of both Republican and Democratic parties pushing for a yes.

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