All eyes on lower house vote

Attention is again turning to the United States House of Representatives after senators approved a $700 billion economic rescue package.

The bailout bill is due to be put to congressmen and women today, four days after world markets were sent tumbling when the plans were rejected in a shock outcome.

It is hoped that the strong vote in the Senate on Wednesday – the bill was approved by 74 votes to 25 – and key amendments will see the rescue package approved in the lower house.

Markets have so far displayed scepticism over the chances of the bill being passed by the House of Representatives.

On Thursday the Dow Jones closed down again, while in the UK the FTSE was down 1.8.

George Bush has already warned of "economic hardship for millions of Americans", while treasury secretary Henry Paulson said the situation on Wall Street was becoming more precarious every day that the bill remained unapproved.

In the UK, prime minister Gordon Brown has expressed hope that "reason would prevail" on Capitol Hill, while in the European Union, French president Nicolas Sarkozy is reportedly hoping to see a €300 billion (£237 billion) rescue package approved.

EU leaders are due to discuss the global financial crisis on Saturday, but Germany has already rejected talk of a European bailout.