Bailout bill faces next test in House on Friday

Bailout bill faces next test in House on Friday

Lawmakers get second stab at rescue plan after rejecting on Monday

By Robert Schroeder, MarketWatch

Last Update: 10/2/2008 12:46:00 PM

WASHINGTON (MarketWatch) — The $700 billion rescue plan for the financial
markets approved by the Senate Wednesday night faces its next test in the House
on Friday, where the revised measure may have a better chance of passage than it
did on Monday, when lawmakers there shot it down.

The revamped bill contains a number of provisions designed to appeal to members
who were unhappy with it in its original form, including an increase in bank
deposit insurance and a grab-bag of tax breaks for corporations and individuals.
Read about the Senate vote.

House Majority Leader Steny Hoyer’s office said Thursday it expects the bill to be on the floor Friday. The House Rules Committee meets at 4 p.m. Eastern on Thursday to set guidelines for considering the bill.

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