Updated 10/03/2008 12:00 PM
Revised economic bailout plan heads to the House
WASHINGTON, D.C. -- The revised bailout plan won bipartisan Senate approval. Wednesday night Senators praised their success.
"In the years that I have been here I can’t recall a time both sides have risen above the temptation to engage in partisan game playing to address an issue of magnitude,” said Republican Mitch McConnell, the Senate Minority Leader.
Still the final outcome lies in the hands of the House of Representatives. They're expected to vote Friday and the pressure on them to pass the legislation is mounting.
"This is an issue that's affecting hard working people and the House of Representatives must listen to these voice and get this bill passed so we can get about the business of restoring confidence," said President Bush.
The new plan contains what some are calling sweeteners for dissenting House members. Like a temporary increase in the deposit insurance limit to $250,000 and tax breaks for businesses and the middle class.
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House leaders say already members are changing their tune.
"On Monday people were skeptical there would be serious economic difficulty. Once it failed a number of people began to hear about economic difficulty. Boston University shut down construction jobs. The state was unable to roll over some paper. The reality hit some members," said Democrat Barney Frank of Massachusetts, the Chairman of the House Financial Services Committee.
House Republicans, who largely opposed the first plan, are seemingly on board.
Still there's talk of house Democrats not agreeing with the new tax breaks, worth about $110 billion additional dollars. Though, House Speaker Nancy Pelosi said she's optimistic the bill will make it to the floor.
"They are getting a closer look, and as they review it, then we can go forward to see what the vote will be. We are not going to take a bill to the floor that doesn't have the votes," said Pelosi.
President Bush and Congressional leaders have been lobbying House members for support throughout the day, trying to ensure the measure passes.