Economy & Budget

One question of bailout skeptics has been how the credit crisis affected everyday Americans. Rep. Zoe Lofgren (D-Calif.) just tried to answer that.

California is having problems raising the $7 billion it needs to pay state employees this month because of the tight credit, Lofgren noted. Gov. Arnold Schwarzenegger (R-Calif.) on Friday brought up the prospect of asking the federal government for an emergency loan.

Lofgren suggested that passing the bailout could help California.

"The state of California, the eighth-largest economy in the world, will not be able to meet payroll unless we take action to unfreeze these credit markets," Lofgren said

Rep. John Lewis (D-Ga.) cited the prospect of new leadership in Washington as a reason for switching his vote to yes on the bailout bill.

"In a few months, we will have a new president and a new congress. We must hold companies' feet to the fire. It is with this assurance that I will vote yes," said Lewis, who voted against the bill Monday.

Lewis told his Democratic colleagues earlier that he had spoken with Democratic presidential nominee Barack Obama, a supporter of the bailout, and that he too would back the bill.

"I've decided that the cost of doing nothing is greater than the cost of doing something," Lewis said on the House floor Friday.

Rep. John Tanner (D-Tenn.) said he'll support the bailout package, just as he did Monday.

Tanner was one of 44 centrist Blue Dog Democrats who backed the bailout on Monday. Only three Blue Dogs opposed the bill. But their support for the bill came into question once the Senate passed its version of the measure, which included tax breaks that aren't offset. The Blue Dogs have fought tooth and nail to require that any new tax incentives are offset by reductions in spending elsewhere or new revenue.

Tanner said on the House floor that he was "disgusted" with the Senate's tax provisions.

Rep. Howard Coble (R-N.C.) said he'll support the bailout package. Coble, known as a fiscal conservative, was one of 133 Republican members to oppose the bailout Monday.

House Minority Whip Roy Blunt (R-Mo.) tried to allay taxpayer concerns over the rescue package.

"It's not a bailout, it's a situation where American taxpayers are going to invest money in a way that ensures that they'll have a return," he said.

He noted the bill's provision that requires the president to come up with a plan to recoup any lost money due to the program after five years.

Richard Viguerie, a Virginia-based conservative activist, says opposing the Wall Street financial package can put conservatives in control of Congress in 2010.

Opposing the bill being considered today by the House, Viguerie says, will help conservative candidates overtake both Republicans and Democrats who vote fin favor of it.

House members are currently voting on a procedural vote on the bailout. It needs to pass before the House votes on the actual bailout package. House leaders have scheduled a vote on the bill for sometime after noon.

Watch to see what the final count is on the procedural vote. That vote and the bill need 218 votes -- a majority of House members -- to guarantee passage.

UPDATE: The procedural vote passed, and it wasn't that close. The count was 235 for and 190 against.

Rep. Bruce Braley (D-Iowa) has announced he will vote "yes" on the new Wall Street financial package the House is considering today, reversing the "no" vote he cast for a previous version of the bill on Monday.

Braley is the second member this morning to indicate he will switch his vote (the other being California Democrat Rep. Hilda Solis) in favor of the latest version of the package, after the Senate added several provisions earlier this week.

Congressional leaders need 13 members to switch their votes for the Wall Street package to pass, as it failed Monday by a margin of 23 votes.

In a press release, Braley said he was pleased with the new provisions added to the package.

"This improved recovery plan is a vast improvement over the Bush Administration

House Minority Leader John Boehner just spoke about the upcoming bailout vote, which is expected to take place between noon and 1 p.m.

"I'm optimistic about today," Boehner said at a news conference. "We're not going to take anything for granted... But it's time to act."

Boehner added: "We as members of Congress have a responsibility to do everything we can to protect the American economy."

House Minority Whip Roy Blunt (R-Mo.) said that calls for and against the bill had begun to even out as people realize the impact of the economic crisis on them. Blunt, however, said that he wouldn't talk about numbers.

Rep. Hilda Solis (D-Calif.), who voted against the bailout bill on Monday, suggested on the House floor she will support the new financial rescue package.

House Energy and Commerce Committee Ranking Member Joe Barton (R-Texas) will stick with his no vote. Rep. Mike Pence (R-Ind.) will also vote no again.