The US House of Representatives is due to vote on a revised $700 billion bank bailout this Friday.
Lawmakers, mostly Republicans, rejected the package on Monday, which saw stocks on Wall Street plummet more than 600 points. The new rescue bill includes 150 billion dollars in tax breaks. There are now concerns that Democrats who originally voted for the bailout might now reject it because of the changes. The bailout gives the US Treasury power to buy up toxic assets from financial institutions at a steep discount. Several banks have collapsed, causing massive insecurity in financial markets and a credit squeeze, whose effects are felt worldwide.
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