The U.S. Senate has scheduled to vote on a revised 700 billion dollar financial rescue plan on Wednesday, U.S. media reported.

The new version will raise federal deposit insurance limits to 250,000 dollars from 100,000 dollars per account, as suggested by the two White House hopeful earlier the day.

Meanwhile, U.S. President George W. Bush has warned that the damage to the nation's economy will be "painful and lasting" if Congress fails to act to rescue markets.
Bush warns of "painful and lasting" damage if bailout plan not passed

"The reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act," Bush said at the White House Tuesday morning.

His remarks came a day after the U.S. House of Representatives voted narrowly to reject the 700-billion-dollar financial rescue bill that the Bush administration and leading members of Congress had agreed was necessary.

Under the rescue bill, the federal government will be authorized to purchase these assets from banks and other financial institutions, which is expected to help free them to resume lending to businesses and consumers.

(Xinhua News Agency October 1, 2008)