Pass it! That’s what everybody is saying about the dreaded U.S. financial bailout plan. The $700 billion plan is a big wet blanket nobody wants to deal with, but everyone is saying needs to be passed.

On Monday, the House defeated the “rescue bill” for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders from both parties that the economy could collapse without it. The Dow Jones industrial average took a nose-dive to the tune of 777 points after the bill failed to pass.

Afterwards, Democrats and Republicans alike started playing the blame game. According to the Associated Press, Congressional leaders scrambled Tuesday to come up with changes to help them sell the failed financial bailout to rank-and-file members. One idea gathering support: raise the federal deposit insurance limit to reassure nervous savers and help small businesses.

Presidential rivals John McCain and Barack Obama announced separately that they support a plan some House Republicans pushed earlier: raising the limit from $100,000 to $250,000.

Within hours, the Federal Deposit Insurance Corp. chairman asked Congress for temporary authority to raise the limit by an unspecified amount.

Vision Bank CEO Jim Hamby said although the banking system in Ada will be just fine, it is crucial to the country that this bill is passed.

According to the Associated Press, Republican House aides said the FDIC proposal might attract some conservatives who want to help small business owners and avert runs on banks by customers fearful of losing their savings.

House Republican leader John Boehner welcomed McCain’s and Obama’s embrace of a higher insurance cap, saying congressional Democrats had rejected it Saturday.

It’s time to stop arguing about who is at fault for the bill’s failure to pass and what caused the financial collapse in the first place. That can come later; the bill must be passed now.

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