Senate leaders were expected to vote Wednesday evening on their version of the $700 billion financial bailout package after compromising on a series of tax breaks and increasing the limit on insured bank deposits.
The Senate model of the Wall Street rescue plan included a $250,000 cap on FDIC-insured bank accounts, up from its previous level of $100,000. Toward that end, the Senate bill would allow the FDIC to borrow unlimited amounts of money from the Treasury in connection with the larger deposit coverage that would extend until the end of next year.
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