UPDATE @ 1:27pm
The U.S. House of Representatives has passed the financial bailout bill -- 263 to 171. The bill, named the "Emergency Economic Stabilization Act of 2008," is expected to the go the President today.

Here's a breakdown of the votes for our local representatives::
Shelley Moore Capito (R-WV) - NO
Nick Rahall (D-WV) - YES
Alan Mollohan (D-WV) - YES
Charlie Wilson (D-OH) - YES
Geoff Davis (R-KY) - NO

To see how other representatives voted, click on the PDF file above.

SCROLL DOWN FOR STATEMENTS FROM THE REPRESENTATIVES AS WE GET THEM.

Here's how they voted for the first version of the bill, which failed:
Shelley Moore Capito (R-WV) - NO
Nick Rahall (D-WV) - YES
Alan Mollohan (D-WV) - YES
Charlie Wilson (D-OH) - YES
Geoff Davis (R-KY) - NO

Keep clicking on WSAZ.com for the latest on the vote, including a breakdown of how your representatives vote.

House Republican Leader John Boehner of Ohio says he's "optimistic" that it will pass, but that he's "not going to take anything for granted." He adds that "it's time to act."

The chief Democratic vote-counter, Jim Clyburn, also says he thinks it will pass.

The measure has already moved past a key procedural hurdle on a vote of 223-205.

An Associated Press tally finds 22 lawmakers who voted against it on Monday are ready to vote in favor of the revised legislation today. Officials say the changes have sparked some defections, but a far smaller number.

Georgia Democrat John Lewis, one of the members switching from no to yes, says he's decided that "the cost of doing nothing is greater than the cost of doing something."

But one conservative Republican opponent, Jeb Hensarling of Texas, asks, "How can we have capitalism on the way up and socialism on the way down?"

“While we’ve seen some key adjustments around the edges, this is fundamentally the same bill we considered on Monday,” said Capito. “We’re still talking about $700 billion dollars, and we’re still talking about a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules. It’s not even clear why $700 billion was the chosen number.

“Clearly we’re all concerned about ensuring the flow of credit, shoring up small businesses, preserving West Virginia jobs and protecting retirement accounts, but there were other options available that weren’t even allowed to be considered. Instead of a serious look at how to reduce the cost to the taxpayer, we saw the add-on of various provisions designed to convince us to switch our votes that has actually made this bill $110 billion more expensive.

“That’s not how we should be addressing this problem, and that’s not how West Virginians want to see us address this issue.”

“West Virginia’s banks have played by the rules, but if the status quo continues, West Virginians could suffer from the financial crisis. This bill will build a much-needed firewall between West Virginia taxpayers and Wall Street’s greed.

“This bill will keep credit lines available so that small businesses can meet their payrolls and students can take out college loans and have a calming effect on our financial markets to ensure that seniors’ nest eggs and retirement funds are safe and secure. It also contains tax incentives that promote coal gasification and carbon sequestration projects, which are essential to the future use of coal. While I am pleased a resolution was found, the toughest part of the work lies ahead—holding the responsible parties’ feet to the fire and truly reining in the abuses of Wall Street.”

“First and foremost, we protected the taxpayers. We are facing an economic downturn as serious as any that has faced this nation,” Wilson said. “An incredible 159,000 workers lost their jobs last month, small businesses aren’t getting the short term loans they need to operate in a normal way and even in California, the state says it might have to stop paying its teachers soon if something isn’t done. I know it’s a lot of money, but the cost of inaction would have been much worse.”

Following Monday’s vote in the House, in which the first version of the legislation failed to pass, the stock market plunged steeply, costing the American economy more than $1.2 trillion. Middle class Americans instantly saw their 401ks and pension plans – in some cases their only nest eggs – lose tremendous value.

“Banks aren’t lending money, even to each other,” Wilson said. “I spent Wednesday morning at a family owned business in Bridgeport that’s been operating for 80 years. This florist has paid its bills on time and even paid its mortgage off early. It’s had a good relationship with its bank. But it can’t get the credit it needs to buy the big order necessary to prepare for the holidays. If a small and successfully run business like that can’t get credit, it’s a sign just how deep the credit crunch is reaching in our country.”

States and institutions are also feeling the impact of the credit crisis. The Wall Street Journal reported “A fund that invests cash for about 1,000 colleges and private schools suddenly froze withdrawals this week, leaving school finance managers scrambling to make sure they have enough money for payroll and other bills.”

The Los Angeles Times reported this morning that Gov. Schwarzenegger has warned Treasury Secretary Paulson that California may need to borrow billions in emergency funding from the federal government in the coming weeks in order to continue day-to-day functioning.

The Senate version of the bill, which the House passed today also includes clean renewable American energy tax incentives which are critical to creating and saving half a million green jobs and helping us achieve energy independence, tax cuts for 20 million families who could be hit by the Alternative Minimum Tax (AMT), extensions of expiring business and family tax cuts, disaster relief, mental health parity to end coverage discrimination, and other provisions.

“There has been a lot of talk about the $150 billion of spending the Senate added to the bill,” Wilson said. “These are not earmarks headed to specific districts at the request of a specific Senator or Member of Congress. The bulk of the additional spending is AMT relief for the middle class and extending tax incentives that would have expired for alternative energy, including tax credits for the construction of clean coal facilities. I wish that the Senate version of the tax extenders had been paid for. When the House passed a similar package of tax extenders earlier this summer we paid for it. However, it was important to pass this bill today to protect the economy and protect Main Street.”