After markets took a tumble Monday following the House’s rejection of congressional leaders’ $700 billion proposal, lawmakers refused to abandon their pledge to bail out Wall Street. With a full day of deliberation behind them, the U.S. Senate is scheduled to vote on a revised financial rescue bill tonight.
Revisions to the bill include tax breaks for businesses and alternative energy, and raised limits for government-insured bank deposits. But the core principle of the original legislation remains – the government’s purchase of ailing mortgage assets that are wrecking banks’ livelihoods and making credit in this country non-existent.
The House, which convenes tomorrow after a two-day recess, is expected to cast its votes on Friday.
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