The dollar weakened broadly on Monday as the U.S. government's $700 billion bailout plan aimed at easing a global credit crisis raised renewed concerns about the country's massive budget deficit. The package, which is awaiting Congressional approval, would give sweeping powers to the U.S. Treasury to buy mortgage-related bad debts from financial firms, including U.S. subsidiaries of foreign banks. Analysts say foreign investors will be increasingly reluctant to finance the growing U.S. deficit at the current dollar exchange rate and funding that gap would require higher interest rates and a weaker greenback. The Congressional Budget Office has forecast a record U.S. budget deficit of about $438 billion in the next fiscal year, excluding the cost of the bailout. The rescue package is expected to raise the debt ceiling by 6.6 percent. "There is uncertainty about the bailout plan, specifically what it means for America's deteriorating fiscal position," said Omer Esiner, a senior market analyst, at Ruesch International in Washington.