White House backs revised bailout bill

WASHINGTON (Reuters) - The White House expressed hope on Wednesday the Senate would pass a revised $700 billion financial rescue package in the evening, after the House of Representatives voted down a bailout measure earlier this week.

"We look forward to the debate, and hope to see strong support," White House spokesman Tony Fratto said. "The president will be speaking with senators today."

"We're seeing increased evidence of the credit squeeze on small businesses and municipalities all across the country, so it's critically important that we approve legislation this week and limit further damage to our economy," he added.

(Reporting by Matt Spetalnick, editing by Philip Barbara)