NEW YORK (CNN/Money) - Business lobbyists are confident they will now be able to win congressional approval for legislation to end asbestos litigation, according to a published report.

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A bill that would have set up a $140 billion trust fund to compensate victims while limiting the ability to file future lawsuits fell short of necessary support in the Senate. But the Financial Times reported Friday that business leaders are expected to meet in Washington as soon as December to negotiate a new version of the legislation.

Republican gains in the Senate have raised their hopes that the legislation will pass this time.

"It's a very different world. It does not make this simple, but it makes it possible," Michael Baroody of the National Association of Manufacturers told the newspaper.

The defeat of Senate Minority Leader Tom Daschle, D-S.D., is seen as one key to the better chance for the legislation, the newspaper reported. Daschle was an advocate for asbestos trial lawyers, according to the report.

The newspaper said the business community may even seek a bill that provides greater limits on future lawsuits than were contained in the defeated legislation, according to the report.