Wednesday, October 1, 2008

Highlights of the Senate's revised bailout plan

NEW YORK ( -- 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 tax 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, R-Ariz., and Democratic nominee Barack Obama, D-Ill., and his running mate Joe Biden, D-Del., confirmed that they would be present for the vote.

MSNBC listed the following Senate incentives to the bailout bill

— A higher limit for government-insured bank deposits, raising the Federal Deposit Insurance Corp. cap from $100,000 to $250,000.
— Legislation extending tax credits for the solar, wind and biodiesel industries.
— Expansion of the child tax credit.
— Tax relief for victims of recent floods, tornadoes and severe storms.
— A one-year fix to the Alternative Minimum Tax that will exempt millions of Americans from paying higher income taxes."

The Associated Press and Reuters contributed to this report.

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