Here are the five Members of Congress who, on Friday, voted in favor of the financial bailout bill and then minutes later voted against H.R.6867, a bill to extend unemployment insurance benefits for people struggling in the nation’s slumping economy:

Rep. James Barrett [R, SC-3]
Rep. Christopher Cannon [R, UT-3]
Rep. K. Michael Conaway [R, TX-11]
Rep. Bob Inglis [R, SC-4]
Rep. John Shadegg [R, AZ-3]

Just a quick note that both the Senate and the House have officially been gaveled to a close until after the November elections. The Senate is scheduled to come back for a lame duck session on November 17th to try once again at passing the Coburn Omnibus.

Right after the House passed the bailout bill today, they voted overwhelmingly to pass the most-viewed bill on OpenCongress, H.R. 6867 – Unemployment Compensation Extension Act of 2008.

Looking at the 5,000+ comments on that bill page, it’s obvious there are a lot of people hoping the Senate will also take up and pass that bill when they come back in November.

After failing on Monday, the House officially passed the bailout bill on Friday, 263-171.

House Democrats voted 172 to 63 in favor of the plan. Republicans voted 91 to 108 against. Full roll call details can be seen here.

Pictured at right is House Speaker Nancy Pelosi (D-CA) signing off on the bill. It will now be sent to President Bush who is expected to sign it into law as soon as this afternoon.

The bill will allow the government to use up to $700 billion in taxpayer money to buy troubled assets from struggling financial institutions. It also contains a mechanism for the government to recoup some of the money it spends on assets, puts some limits on the salaries of CEO at companies the government bails out, raises the federal deposit insurance limit, and extends a wide range of unrelated tax breaks.

The bailout bill has had a contentious journey from its inception to its final congressional approval this afternoon. On September 19, Treasury Secretary Henry Paulson submitted a 3-page proposal that would have given him broad authority to buy up troubled assets without any oversight or plan to recoup taxpayer money. That plan was immediately opposed by members of Congress from both sides of the aisle and quickly became mocked as “the Authorization for the Use of Financial Force.”

Democratic Leaders in the House then quickly proposed an alternative that eventually formed the basis of the bipartisan compromise that was rejected by the House on Monday.

While Congress was busy negotiating a bailout, the public was growing more and more angry about the government risking their tax dollars to rescue irresponsible companies on Wall Street. On Monday when the House was scheduled to vote, constituents called and emailed their members of Congress to express their opposition in record numbers. Capitol Hill phone lines were a perpetual busy signal and the House’s official “contact your Rep.” tool crashed, giving only an error message.

After the House’s monumental failure on Monday, Senate negotiators took over. With the help of presidential candidates Barack Obama (D-IL) and John McCain (R-AZ), the Senate added several provisions and created a new bailout bill – FDIC increase, alternative minimum tax patch, mental health parity legislation, etc – and brought their revised bill to easy passage in the Senate on Wednesday night. Although the bill had grown from 3-451 pages at this point, the fundamental core of the bill – authorizing $700 billion to bailout Wall Street – remained largely the same as it was in the original Paulson plan.

Between Monday and Friday, many things shifted, leading eventually to the bill’s passage in the House today. The Dow frightened the country by crashing 777 points (or $1.2 trillion in wealth) after the House rejected the bill on Monday . The Senate put the House in a tough spot, forcing them to either pass the bill or undo all the progress they had made. By many measurements, the public’s opposition to the bailout lessened throughout the week. And finally, the bailout has been loaded up with unrelated tax breaks designed to win key votes from Representatives who voted against the bill on Monday.

The bill had been “pre-enrolled,” which means that it is already on parchment paper and will be sent to President Bush for his signature immediately. We’ll update as soon as we receive word that the bill’s been signed into law.

UPDATE: A CNN breaking news headline reports that President Bush has officially signed the bailout bill into law. Quick Update: Here’s the article.

Mmmm…pork. It’s irresistibly delicious – especially if you’re a congressman with an influential constituent that’s asking you for a tax break. The congressional leadership understands this, of course, and they’re using it as a central part of their strategy to get an unpopular $700 billion bailout of the financial system passed through Congress.

Many people have noted that the revised bailout bill that was passed by the Senate on Wednesday and will be voted on by the House on Friday contains a lot of unrelated pork. Most of it comes straight from H.R. 6049, a tax extenders bill that was essentially rolled into the bailout in its entirety. The provisions that come from that bill are widely popular. But there are a handful of tax provisions that the congressional leadership has added to the bailout bill that don’t originate in the tax extenders bill, and have been added to win the support of members of Congress how voted against the bill on Monday.

Below is a list of the tax provisions in the bailout bill that are not from H.R. 6049 and an explanation of who they are targeting in the House:

1. Wooden Arrows Tax Relief- This is the most infamous piece of pork being attached to the bailout. It exempts wooden arrows (yes, as in bows and arrows) manufactured for use by children from a 39 cent excise tax that is applicable to some arrow manufacturers. It comes straight from a bill in Congress sponsored by Oregon Senators Ron Wyden (D) and Gordon Smith® in the Senate, and Rep. Ron Kind (D-WI) in the House. Taxpayers for Common Sense notes a Bloomberg article explaining that “the provision would be worth $200,000 to Rose City Archery in Myrtle Point, Oregon.” Four of the nine Representatives from Oregon voted against the bailout on Monday. That’s fully one-third of the votes the House nneds to gain to pass the bailout on Friday.

2. Tax Relief for Exxon Valdez Victims – CNN explains that this provision would “allow the plaintiffs who won damages from Exxon Mobile for the oil spilled by the Exxon Valdez to average the award over three years rather than treating it as income in a single year.” The provision is strongly supported by Rep. Don Young (R-AK) who represents the state that the Valdez incident occurred in. Young voted against the bailout on Monday.

3. Secure Rural Schools and Self-Determination Program – This provision would extend a program from the federal government to share logging revenues with rural communities that border on Forest Service land. It comes straight from two separate bills in Congress, H.R. 17 and H.R. 1635. Those bills are both sponsored by Representatives that voted against the bailout on Monday – Rep. Peter DeFazio (D-OR) and Rep. Bill Sali (R-ID).

4. Duty Suspension on Wool Products and Research – This is a duty relief extension designed to benefit worsted wool manufacturers using imported wool and clothing manufacturers who use wool as their primary fabric. It comes straight from a bill in Congress, H.R. 4831. The bill’s main sponsor voted in favor of the bailout on Monday, but one of its three co-sponsors, Robin Hayes (R-NC) voted against it,

5. Abandoned Mine Reclamation – Again, this is something taken directly from another bill in Congress, H.R. 2262. According to Taxpayers for Common Sense, this provision would transfer “interest earned on money in the abandoned mine reclamation fund to the United Mine Workers of America Combined Benefit Fund, which helps pay health benefits for retired miners and their dependents who worked under collective bargaining agreements that promised lifetime health-care benefits.” The original legislation passed the House in November, 2007, mostly with support from Democrats. However, of the 24 Republicans who crossed party lines ad voted for the bill, 12 were “no” votes on the bailout on Monday.

In sum, here’s a list of the Representatives that are being targeted by the extraneous pork in the bailout to switch their “nay” votes to “ayes” for the vote on Friday:

Rep. Judy Biggert [R, IL-13]
Rep. Peter DeFazio [D, OR-4]
Rep. Jeffrey Fortenberry [R, NE-1]
Rep. Rodney Frelinghuysen [R, NJ-11]
Rep. Jim Gerlach [R, PA-6]
Rep. Alcee Hastings [D, FL-23]
Rep. Robin Hayes [R, NC-8]
Rep. Jay Inslee [D, WA-1]
Rep. Walter Jones [R, NC-3]
Rep. Frank LoBiondo [R, NJ-2]
Rep. Thomas Petri [R, WI-6]
Rep. Todd Platts [R, PA-19]
Rep. James Ramstad [R, MN-3]
Rep. Dave Reichert [R, WA-8]
Rep. Cathy McMorris Rodgers [R, WA-5]
Rep. Bill Sali [R, ID-1]
Rep. F. James Sensenbrenner [R, WI-5]
Rep. Christopher Smith [R, NJ-4]
Rep. C. W. Bill Young [R, FL-10]
Rep. Donald Young [R, AK-0]

We’ll be watching the vote closely tomorrow, and we’ll report back on who of these Representatives that have been targeted by pork change their original vote against the bailout to vote in favor of it.

Congress seems to be warming up to it a bit, but the public is still against the bailout bill – The Hill:

Voters calling their lawmakers on Thursday were getting busy signals as congressional phone lines jammed with callers voicing their opinions on the financial rescue package the House will vote on Friday.

The Capitol switchboard and many members’ offices have been inundated with so many phone calls that multiple phone lines in many offices have reached their capacity. That means many callers have only received busy signals.

As I write this, the House’s official write your Rep. tool is down. Various reports have shown that more than 90 percent of the calls and emails members of Congress are receiving are from constituents who want them to vote against the bailout.