US Senate to Vote on Financial Rescue Plan

President George Bush says a government rescue plan for the U.S. financial system has been "improved" and he is confident it will pass the Senate Wednesday.

Mr. Bush urged lawmakers to take the measure "very seriously" and to pass it to stabilize the financial system and keep Americans from losing more money.

Senate floor during debate on bailout bill (pool video)

The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning.

The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses.

The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.