1 October 2008

Congress leaders optimistic on revived bailout

AP - Congressional leaders from both parties said they are hopeful that a $700 billion financial industry bailout that derailed in the House is back on track for quick passage, thanks partly to a provision increasing insurance for people's deposits. President Bush planned to call lawmakers asking for their support ahead of a crucial Senate vote Wednesday night.

"I think the Senate thinks it has the votes and I think it probably will pass," House Majority Leader Steny Hoyer, D-Md., said. House Republican Whip Roy Blunt of Missouri agreed that prospects for passage have improved, and he said he was particularly heartened by indications the legislation has become more appealing to constituents back home.

The plan for Wednesday night's vote was set after leaders there agreed to add tax breaks for businesses and the middle class and increase deposit insurance in an attempt to revive the legislation rejected by the House.

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