House leader hopeful bailout bill will pass

WASHINGTON (Reuters) - The majority leader in the House of Representatives said "hopefully" there were enough votes to pass a $700 billion Wall Street bailout bill on Monday that administration officials said was crucial to avoid a broad economic collapse.

House Majority Leader Steny Hoyer of Maryland told reporters he had marshaled a majority of his fellow Democrats to vote for the politically unpopular bill, and said he hoped Republicans leaders had been able to gather up enough votes on their side as well.

Congressional leaders have predicted a close vote. The House is expected to vote on the plan mid-day on Monday and the Senate is scheduled to vote on Wednesday.

The White House on Monday said President George W. Bush strongly supports the legislation.

House Democratic Whip James Clyburn of South Carolina, told Reuters "We have more than half of our caucus that are going to vote for this bill." He said if half of Democrats voted for it, 100 Republican votes would be necessary to push the legislation to House passage.

"We expect the Republicans to do half of their caucus," Clyburn added.

But given the political difficulties of this vote, some Republicans were bristling that Democrats are looking for so much help from Republicans, despite the fact this bailout is a Republican White House initiative.

"We're working it very hard. This is a tough and tight vote," said one House Republican leadership aide who did not want to be identified.

The aide added that Democrats hold majority control of the House and that House Speaker Nancy Pelosi ought to make sure the measure passes with a strong Democratic vote.

(Reporting by Donna Smith and Richard Cowan; Editing by Theodore d'Afflisio)