Yesterday, the US Senate approved the financial bailout 74-25, and now it is headed back to the House for the second time.
The Senate spent Thursday lobbying, attempting to convince the 133 members of the House, who voted no, to approve the bill, and President Bush is doing his own lobbying as well, arguing that businesses need help.
The bailout was defeated by a large margin just this past Monday, and coming into the meeting on Friday, there are still large portions that believe this bailout is not the answer to the financial crunch the country is facing.
The opposition from members of the house, particular the GOP, was beginning to waiver as a $100 billion tax break from business owners and the middle class was added to the bailout. Plus the federal deposit insurance would be raised to $250,000 from $100,000. And the deductibility of state and local taxes could be extended for states, such as Florida and Texas, who don't have income tax.
Others though are still very much concerned that the bailout will raise the federal deficit.
