Source:  Reuters

The House of Representatives voted on Monday to begin debate on legislation for a financial markets rescue plan, clearing the way for a final vote on the measure later in the day that would send it 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.

If the measure passes the House, it will be sent to the Senate for a vote that is expected by Wednesday. The legislation would then go to President George W. Bush for his signature and enactment.

Debate in the House could be prolonged by skeptics of the plan. Rep. Barney Frank, the chairman of the House Financial Services Committee, said he and colleagues face “a tough vote.”

“We regret the market conditions which have made this decision day necessary,” he said, opening debate on the legislation. “No one is happy that we have seen the failures that we have seen.”

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