The change in course by the House was prompted by fears of a global economic meltdown, and by old-fashioned political inducements added by the Senate: a portfolio of $150 billion in popular tax provisions, including credits for the production of solar, wind and other renewable energy, and an adjustment to spare middle-class families from paying the alternative minimum tax .

In the end, 33 Democrats and 24 Republicans who had voted no on Monday switched sides on Friday to support the plan. Both Mr. Obama and his Republican rival, Senator John McCain , voted for the measure when the Senate approved it on Wednesday, and both hailed Friday’s outcome.

Mr. McCain said that lawmakers had acted “in the best interests of the nation,” while Mr. Obama warned that “a long and difficult road to recovery” might still lie ahead.

In a sign of the urgency surrounding the economic rescue effort, Congressional staff rushed the newly printed legislation into a news conference where Democratic leaders gathered after the vote. Speaker Nancy Pelosi , of California , signed it at 2 p.m., and it was sent to the White House for Mr. Bush’s signature.

Appearing in the Rose Garden , Mr. Bush praised Congress for acting just two weeks after the Treasury secretary, Henry M. Paulson Jr. , requested the emergency bailout legislation with a warning that the American economy was at risk of the worst economic collapse since the Depression .

“We have shown the world that the United States will stabilize our financial markets and maintain a leading role in the global economy,” Mr. Bush said.

But it was a hollow victory for the administration, which after long favoring a hands-off approach toward the financial industry has found itself interceding repeatedly this year to avert one calamity after another.

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Ms. Pelosi and other Democrats, who expect to widen their majority in Congress in the November elections, said they intended to tighten controls.

“High-fliers on Wall Street will no longer be able to jeopardize that personal economic security of Americans,” Ms. Pelosi said, “because of the bright light of scrutiny, accountability and the attention given under regulatory reform.”

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Representative Barney Frank , Democrat of Massachusetts and chairman of the Financial Services Committee, said: “We will be back next year to do some serious surgery on the financial structure.”

The Republican leader, Representative John A. Boehner of Ohio , had urged his colleagues to vote yes. “We know if we do nothing this crisis is likely to worsen and put us in an economic slump the likes of which we have never seen,” he said. “I am going to vote for this bill because I think it’s in the best interests of the American people.”

Opponents of the bailout called it a costly Band-Aid that did not address the core problems in the financial system. “Some things have changed in this bill but taxpayers will still be picking up the tab for Wall Street’s party,” said Representative Marilyn Musgrave, Republican of Colorado . “I am voting against this today because it’s not the best bill. It’s the quickest bill. Taxpayers for generations will pay for our haste and there is no guarantee that they will ever see the benefits.”

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Among House Democrats as well as Republicans, many lawmakers facing the toughest challenges for re-election remained in the no column. Those with easier races were more likely to switch.

Many said they agonized over the decision amid a torrent of calls from constituents. Several who switched to yes cited a provision added by the Senate increasing the amount of savings insured by the Federal government to $250,000 per account, from $100,000.

Fears about the economy also motivated support. “Nobody in East Tennessee hates the fact more than me that I am going to vote yes today after voting no on Monday,” Representative Zach Wamp, a Republican, said.

“Monday I cast a blue-collar vote for the American people,” he continued. “Today I am going to cast a red, white and blue-collar vote with my hand over my heart for this country, because things are really bad and we don’t have any choice.”

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Several Democrats in the Congressional Black Caucus said they were persuaded to support the bill by Mr. Obama.

Representatives Elijah E. Cummings and Donna F. Edwards, both of Maryland , said they had each spoken to Mr. Obama who helped persuade them to support the bill, in part by assuring them that he would work to achieve a goal that Democrats gave up during negotiations: a change in bankruptcy laws to let judges modify first mortgages.

Mr. Obama, speaking in Abington, Pa., said he had urged lawmakers from both parties to “not make the same mistake twice.” But he warned that passage of the measure should be just “the beginning of a long-term rescue plan for our middle class.”

Mr. McCain, speaking in Flagstaff , Ariz., warned that the bill was not perfect and there was more to be done. “It is an outrage that it’s even necessary,” Mr. McCain said. “But we must stop the damage to our economy done by corrupt and incompetent practices on Wall Street and in Washington.” Mr. McCain said he spoke to House Republicans before Friday’s vote and urged them to approve the bill.

Friday’s vote capped an extraordinary two-week final stretch for the 110th Congress. Lawmakers, eager to get home for the fall campaign season, had intended to wrap up by adopting a budget bill to finance government operations through early March.

Instead, after dealing with the budget, they found themselves still in Washington, just five weeks before Election Day, facing the most important vote of the year — the most important vote of their lives, many lawmakers said — and under extreme pressure by the White House, the presidential nominees, and Congressional leaders of both parties to make a quick decision.

Supporters said the bailout was needed to prevent economic collapse; opponents said it was hasty, ill conceived and risked too much taxpayer money to help Wall Street tycoons, while providing no guarantees of success. The rescue plan allows the Treasury to buy troubled securities from financial firms in an effort to ease a deepening credit crisis that is choking off business and consumer loans, the lifeblood of the economy, and contributing to a string of bank failures.

Officials say the final cost of the bailout will be far less than $700 billion because the government will resell the assets that it buys.

The final agreement disburses the money in parts, with Congress able to block the second $350 billion. It also provides for tighter oversight of the program by two boards, and requires the government to do more to prevent home foreclosures. Lawmakers also included efforts to restrict so-called golden parachute retirement plans for some executives whose firms seek help, and a provision allowing the government to recoup any losses after five years by assessing the financial industry.