The U.S. Senate has scheduled a vote for Wednesday on a revised version
of the 700-billion-dollar financial rescue plan the House of
Representatives rejected Monday. The two main U.S. presidential
candidates, Republican John McCain and Democrat Barack Obama, along
with Obama's running mate, Joe Biden, are expected in Washington to
vote on the measure.
The plan is expected to include a provision to raise the limit on
insuring bank deposits from the current figure of 100-thousand dollars
to 250-thousand dollars.
Senators Obama and McCain have voiced support for raising the limits.
The agency that insures U.S. bank deposits Tuesday asked Congress for
temporary authority to boost deposit insurance limits to address what
it called a "crisis of confidence." The Federal Deposit Insurance
Corporation, however, did not specify a dollar figure for an increase.
Earlier, Senators Obama and McCain spoke separately with U.S. President
George Bush about their ideas to help the economy recover. President
Bush earlier urged Congress to act swiftly on a rescue plan. The House
is currently on a break but lawmakers are expected to return Thursday.
Mr. Bush has warned that economic damage will be "painful and lasting"
if a plan is not passed. He said the country is in "an urgent situation
and the consequences grow worse for every day we do not act."
After the House voted against the massive bailout package for Wall
Street, U.S. stocks fell sharply. The markets lost one-point-two
trillion dollars in value, although they rallied Tuesday and recovered
most of the losses.
Asian markets are posting gains in early trading Wednesday.