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After an intensely partisan debate, the House voted Wednesday night to investigate accusations that Ronald Reagan`s presidential campaign struck a deal with Iran in 1980 to delay release of American hostages until after the election.

The vote of 217-192, with no Republican voting for the measure and 34 Democrats opposing it, cleared the way for the creation of a congressional task force to conduct the investigation. The task force would deliver its preliminary findings to the House on July 1.

”We owe it to the hostages, we owe it to the American people and we owe it to history to set the record straight, if we can,” said Rep. David E. Bonior (D-Mich.), the majority whip.

Although President Bush and former President Reagan have said they would welcome such an investigation, congressional Republicans criticized the proposal, contending the investigation would waste money that could better be spent on job programs and other measures to aid the economy.

Rep. Henry Hyde of Illinois, the senior Republican on the investigating panel, called the probe ”an excursion into political paranoia.”

”Many liberals have never gotten over the victory of Ronald Reagan,” he said. Democrats believe ”he couldn`t have won but for foul play.”

House Speaker Thomas S. Foley said it was unfortunate that the issue had become partisan.

Foley, a Democrat from Washington, initially was reluctant to undertake the investigation, fearing it would be considered a ploy to gain advantage in the election. Although Democrats could reap political benefits if the accusations are proven, they risk public derision if the investigation should prove futile.

In 1980, Republicans feared that then-President Jimmy Carter would announce in October-just before the presidential election and with great jubilation-that an agreement with Iran had been reached to free the American hostages, giving rise to the term ”October surprise.”