Governors, business up pressure for bailout bill

WASHINGTON (AP) - Governors and business lobbyists pressured Congress today to pass a $700 billion financial industry bailout.

The call from governors Rick Perry of Texas and Joe Manchin of West Virginia comes as top lawmakers prepare for another face-off on the issue - this time in the Senate.

In a joint letter, Perry and Manchin say "there is a time for partisanship and there is a time for getting things done."

Perry heads the Republican Governors Association, while Manchin leads the Democratic governors group. Their letter was aimed at signaling there are home-state political reasons for approving the massive bailout.

The new lobbying initiative came as the Senate prepared for an evening vote an a version of the bill overhauled to attract additional votes. They include an increase in the size of bank deposits insured by the Federal Deposit Insurance Corporation from $100,000 to $250,000.

Congressional leaders say those additions, plus complaints from constituents furious over Monday's stock market plunge, have improved the prospects for the measure's approval. After the Senate's expected passage, a House vote could come later this week.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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