However, this alternative bill was rejected by the Senate Finance Committee.
Mr. McKeon added that the governor did not have an alternative bill to offer.
He may yet achieve a compromise agreement or persuade enough Republicans to vote for his preferred alternative bill.
The committee first defeated the White House's alternative bill on a voice vote.
One reason the bill lost was that Republicans who have favored campaign reform were promised an opportunity to vote on an alternative bill in two weeks.
Support for an alternative bill, which Mr. Bush has also endorsed, seemed to be dwindling.
It was approved yesterday, but only after an alternative bill failed by a narrow margin.
He supported an alternative bill providing tax relief for working and middle-income Americans.
He said he planned to introduce an alternative bill that would provide money for abortions.
If the protests are loud enough, they added, the Toshiba issue could also become a sticking point for an alternative bill.