White House push for passage as House readies for bailout vote - KLTV.com - Tyler, Longview, Jacksonville |ETX News

WASHINGTON (AP)

White House push for passage as House readies for bailout vote

As the House readies for a vote on the financial rescue package, the White House is pointing to today's economic news as fresh evidence of the need for the bailout.

The Labor Department is reporting that employers slashed payrolls by 159,000 last month -- the most in more than five years. Meanwhile, there's more news about struggling banks, with Wachovia announcing it has agreed to be acquired by Wells Fargo.

The White House says the news underscores the need for lawmakers to act now on the rescue "to limit damage to the economy."

Congressional leaders are expressing confidence that they have the votes to get the $700 billion plan through the House and to the president by the end of the day.

California Congresswoman Hilda Solis was 1 of 95 Democrats to vote against the measure Monday. Today she says she may switch her vote, noting that unemployment in her district tops 10% and the nation's economy "is not stable."

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly