Leaders working to save bailout Leaders working to save bailout
Associated Press
Published: October 1, 2008
WASHINGTON — Wanted: An even dozen lawmakers, willing to make a really big commitment. Party affiliation no concern.
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Alarmed supporters of the multibillion-dollar economic rescue fought to bring it back to life Tuesday, courting reluctant House members who smacked it down just the day before. Sweeteners being used in the wooing included a plan to reassure Americans their bank deposits are safe.
Wall Street, at least, regained hope. The Dow Jones industrials rose 485 points, one day after a record 778-point plunge after the House vote spurning the plan that had been worked out by congressional leaders and the Bush administration.
That rejection count was 228-205, meaning the plan's backers have to turn around 12 votes among the 133 Republicans and 95 Democrats who said no.
Senate and House leaders, President Bush and the two rivals to succeed him all rummaged through ideas new and old, desperately seeking ideas that might appeal to enough lawmakers to reverse the outcome and pass the $700 billion plan.
Besides the proposal to expand federal deposit insurance, aimed at helping small businesses, as well as individual savers, there was talk of making it easier for financial institutions to hold questionable long-term assets. That is an idea embraced by some of the House Republicans who voted no on the bailout bill.
Congressional leaders hope the half-dozen changes under discussion will be enough to persuade as few as six House Republicans and six Democrats to undo Monday's stunning vote.
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