The House is preparing to vote on the revised $700 billion Wall Street bailout after rejecting a similar bill on Monday. The measure actually totals more than $800 billion when factoring in additional corporate and personal tax cuts. Congressional leaders spent Thursday lobbying colleagues to vote for the revised legislation one day after its approval in the Senate. At the White House, President Bush also urged lawmakers to back the measure.

President Bush: “This issue has gone way beyond New York and Wall Street. This is an issue that’s affecting hard-working people. They’re worried about their savings. They’re worried about their jobs. They’re worried about their houses. They’re worried about their small businesses. And the House of Representatives must listen to these voices and get this bill passed, so we can get about the business of restoring confidence.”

At least a dozen Congress members who opposed the bill on Monday must change their position to avoid a second defeat. The vote comes as the International Monetary Fund has issued its most dire warning to date on the US economy. In a new report, the IMF says the collapse of US financial markets has turned into “a full-blown crisis.”