Since the first reports in early April of several unusual cases of flu in Mexico’s Veracruz state, the world has been increasingly transfixed by the outbreak of a highly contagious and potentially lethal new type of influenza. Here’s a Wired.com primer on what you need to know about H1N1, or swine flu:

WHO and CDC are now scrambling to profile the new strain of swine flu. They know that it contains a cocktail of genes from human-, swine- and bird-flu strains. Mortality rates appear directly related to delay of treatment. If caught in time, the disease can apparently be treated with relative ease.

Speaking of preparedness, congressional Republicans stripped the economic stimulus plan of $900 million for state and local pandemic-readiness programs, and $462 million for the CDC. What does a pandemic have to do with economic recovery? So far, the prospect of worldwide swine flu is causing market panics.