The much talked about $700 billion bailout bill was passed early Friday afternoon by the House after two weeks of revisions and changes.

The final tally was 263-171 with 58 more votes than for the bill that failed to pass on Monday, according to the Associated Press.

The revised bill was passed Monday by the Senate, and then returned to the House where it was finally passed in an attempt to avoid the widely predicted economic meltdown.

The original bill, which was voted down, was criticized for focusing more on balling out large businesses and banks, and less towards helping individuals and small business. The revised bill extends tax breaks to smaller business, provides $8 billion in tax relief to those affected by natural disasters and raises the limit on federal deposit insurance to $250,000, according to MSNBC.

As the bill was being debated and revised in the Senate, Sen. Bob Bennett, R-Utah, addressed Congress and urged the varying groups to avoid placing blame for the economic crisis and encouraged them to focus instead on finding a solution.

"Let's not spend our time as the fire is burning, trying to find out who the arsonist may have been," Bennett said. "Let's free up the credit markets right now."

The $700 billion price tag on the bill is calculated from the total amount of mortgages in the United States, which is currently at $17 Trillion. Five Percent of these mortgages are expected to be bad, and thus the total price tag on these mortgages is $700 Billion, according to Bennett.

One of the biggest dangers in delaying the vote is the slowdown in lending between banks. As banks hoard their cash to buffer themselves from the economic downturn, business customer and individuals are finding it harder and harder to get loans. Without these loans, some businesses are finding it difficult to fund day-to-day operations, according to MSNBC.

Bennett addressed Congress in an attempt to convince those who voted against the bill last week, to look at it again and change their minds.

Some representatives who voted against the bill last week approved of the revised edition even though they weren't satisfied that it addresses all the issues.

"I hate it, [but] inaction to me is a greater danger," said Rep. Zach Wamp, R-Tenn.

Copyright Brigham Young University 6 Oct 2008