As the Senate votes on a modified version of the $700 billion bailout package that the House rejected, political and economic experts assess the measure's likely path and how it will affect financial markets abroad.

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A record decline in U.S. markets Monday spread panic to average Americans worried about their investments. Finance writers Jane Bryant Quinn of Newsweek and Brett Arends of the Wall Street Journal assess how the credit crisis will impact personal finances.

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Stocks opened higher Tuesday morning, but financial markets remained troubled a day after the House voted down a $700 billion rescue plan for the financial sector that the Bush administration and congressional leaders had agreed was necessary.

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The House on Monday defeated a $700 billion emergency rescue package, ignoring pleas from President Bush and bipartisan congressional leaders to bail out the financial industry, while the Dow Jones industrial average lost more than 700 points.

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It was a devastating week on Wall Street and a contentious one in Congress as politicians battled over bailout proposals. With the presidential candidates heading to the first debate, political analysts Mark Shields and David Brooks reflect on the developments.

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Another blow was dealt to the ailing American finance system as Washington Mutual Bank was seized overnight by the U.S. government. By morning its assets were sold off to JPMorgan Chase. Business reporters detail the sudden and drastic move.

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Congressional leaders are showing signs of fatigue and frustration over continuing negotiations. Reps. Barney Frank and Mike Pence discuss the progress towards a workable plan.

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Lawmakers have not been able to agree on a plan with the White House, nor with each other, choosing not to enact a bill for the near future. NewsHour correspondent Kwame Holman discusses the dealings on Capitol Hill.

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As Washington struggles to reach consensus on a proposed Wall Street bailout, GOP senators have blocked a proposed Democratic plan to pump $56 billion into public works projects, help for the jobless and to help states with high Medicaid bills.

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As the debate over the proposed $700 billion bailout of Wall Street continues to rage in Washington, the government took over lending giant Washington Mutual Thursday night in what is by far the largest bank failure in American history.

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