Published: Wednesday October 1, 2008
United States Senate leaders have scheduled a vote for today on the US$700 billion Wall Street financial rescue plan rejected by the House of Representatives on Monday.
Majority Leader Harry Reid and Senator Mitch McConnell, leader of the minority Repub-licans, say they plan to add a tax cut package already rejected by the House.
The bipartisan move caps a day of behind-the-scenes manoeuvrings in Congress over what sweeteners to add to the bill to attract votes from House Republicans.
Biggest sell-off
Wall Street snapped back Tuesday after its biggest sell-off in years amid growing expectations that lawmakers will salvage a US$700 billion rescue plan for the financial sector.
Reid and McConnell's move may prove popular with Republicans, but it risks a showdown with House leaders insisting that a popular measure extending certain business tax breaks be financed by tax increases elsewhere in the code.
The Senate plan also would raise federal deposit insurance limits to US$250,000 from US$100,000 per account.
Source: Jamaica Gleaner
http://www.jamaica-gleaner.com/gleaner/20081001/business/business4.html
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