Senate to vote on financial rescue plan Wednesday

Posted: Updated:

Senate leaders have scheduled a vote for Wednesday on the $700 billion Wall Street rescue plan rejected by the House.

Majority Leader Harry Reid and GOP Leader Mitch McConnell say,however, that they're going to add a tax cut package alreadyrejected by the House on Monday.

The bipartisan move caps a day of behind-the-scenes maneuveringon Capitol Hill over what sweeteners to add to the bill to attractvotes from House Republicans.

Reid and McConnell's move may prove popular with Republicans,but it risks a showdown with House leaders insisting that a popularmeasure extending certain business tax breaks be financed by taxincreases elsewhere in the code.

The Senate plan would also raise federal deposit insurancelimits to $250,000 from $100,000.

Click here for team coverage of home lending crisis

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