Washington - $700B Bail Out Bill Debated In The House, Pushing For Vote Before Rosh Hashanah - Live Video

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Washington - The U.S. House voted Monday to begin debate on legislation for the financial markets rescue plan, clearing the way for a final vote later in the day that would send the measure to the Senate.

The plan would give the Treasury Department up to $700 billion in buying power to acquire mortgage assets from troubled financial institutions.

click here to watch live the debate and the votes

If the measure passes the House, it will be sent to the Senate for a vote and, if passed there, then go to President Bush for his signature.

President Bush urged Congress to pass the compromise bill, which leading lawmakers fashioned in marathon weekend bargaining, saying it is needed to "keep the crisis in our financial industry from spreading" across the economy.

Bush made the statement at the White House, and he also sought to assure Americans that approving his administration's $700 billion rescue plan is the right thing to do. Bush's comments came amid continued nervousness in financial markets at home and overseas.

House leaders are pushing for a vote on the legislation by early afternoon, ahead of observance of the Jewish New Year that begins at sundown.