House Lawmakers are gearing up for a second try at passing the Financial bailout bill.
The measure cleared the Senate last night, but Wall Street was not impressed. Today, suffering another huge drop amid growing fears that the government's financial rescue plan might not be enough to ward off a recession.
Thursday the Dow skidded 348 points. The Nasdaq lost 92 points, while the S&P dropped nearly 47 points.
The Senate's version of the bill is loaded with billions of dollars worth of tax cuts on top of the original $700 billion proposal.
President Bush and congressional leaders lobbied hard to convince at least a dozen House members to change their vote and support the new rescue package. A vote in the House is expected Friday.
Montana Congressman Denny Rehberg returned to Washington today to take a renewed look at the Senate's version of the plan. Rehberg voted against the House bill Monday because he says it didn't do enough to help community banks, nor did it contain enough safeguards to prevent such a calamity from occurring again.
Late Thursday, Rehberg released this statement ..."I'm working with my colleagues from both parties to ensure taxpayer protections are included in this bill. The stakes are just too high to get this wrong."
But Rehberg spokesman Jed Link tells us the Congressman has not yet made up his mind about how he'll vote tomorrow.