Bailout bill picking up momentum in House

October 3, 2008 8:37:36 AM PDT
An unprecedented government bailout of the financial industry is gaining ground in the House after a week of tumult on Wall Street and in Washington. Leaders in both political parties express optimism that the $700 billion measure will clear Congress by day's end.

Click Here for the live stream of the debate, which is slated to begin at 9 a.m.

President Bush is waiting to sign it.

The legislation cleared a key hurdle in the House on a vote of 223-205.

And with the economy showing fresh weakness, an Associated Press tally shows 16 lawmakers who sent an earlier bailout bill to unexpected defeat on Monday had changed their minds and would vote in favor of the revised legislation. Officials said changes made to the measure had sparked a far smaller number of defections among previous supporters.