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Bailout: Senate to vote Wednesday
The bailout package adds new provisions – including raising the FDIC insurance cap. Democratic sources tell CNN that they expect bipartisan support.
NEW YORK (CNNMoney.com) — The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening – two days after the House failed to pass it.
The bill adds new provisions – including raising the FDIC insurance cap to $250,000 from $100,000 – and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.
The vote is scheduled for after sundown, in observance of Rosh Hashanah. Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote.
Senate Majority Leader Harry Reid, D-Nev., and Minority Leader Mitch McConnell, R-Ky., announced the plan Tuesday.
“Senate Democrats and Republicans believe it is essential that we work quickly on this important legislation to restore confidence to our financial system and strengthen the economy,” Reid said in a statement.
White House spokesman Tony Fratto said the administration welcomes the “modified bill” and the scheduled vote.
Democratic sources told CNN that they expect bipartisan support.