House GOP Leaders Endorse $700B Financial Bailout

By: Associated Press
By: Associated Press

WASHINGTON -- House GOP leaders say they support the $700 billion bailout for the financial industry and will try to get fellow Republicans to back it.

"Nobody wants to have to support this bill," said Rep. John A. Boehner, R-Ohio, the minority leader. But, he added, "I'm encouraging every member whose conscience will allow them to support this."

Senior House Republicans emerged from a lengthy closed-door meeting with rank-and-file lawmakers saying the bill was needed to avert an economic crisis. It's slated for a vote Monday.

It was opposition from within their ranks that nearly derailed the package late last week. Many GOP lawmakers believe the government shouldn't interfere in financial markets.

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