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Lawmakers will get FED bailout passes

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Mortgage and Lending with Liberty One Lending

Congressional leaders, with advice from their parties' presidential nominees, scrambled Tuesday to find out what changes are needed to sell the failed $700 billion financial system bailout to rank-and-file members.

John McCain and Barack Obama offered long-distance help from the campaign trail. They announced separately that they support a plan that some House Republicans had pushed earlier: raising the federal deposit insurance limit from $100,000 to $250,000.

The aim of this change would be to reassure nervous Americans - and hence their elected representatives at the Capitol - that the legislation would shore up the faltering economy.

For his part, President Bush sought to avoid being marginalized. He spoke with both nominees, and made another statement in the White House. "Congress must act," he demanded in front of the cameras.

"I recognize this is a difficult vote for members of Congress," Bush said. "But the reality is we are in an urgent situation and the consequences will grow worse each day if we do not act."