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Senate to Vote on Financial Rescue Plan


The U.S. Senate has scheduled a vote for Wednesday on a revised version of the $700-billion 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 $100,000 to $250,000.

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 $1.2 trillion in value, although they rallied Tuesday and recovered most of the losses.

Asian markets are posting gains in early trading Wednesday.

Some information for this report was provided by AFP, AP and Reuters.

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