US Senate votes on financial rescue plan on Wednesday

WASHINGTON: US Senate leaders have scheduled a vote for Wednesday on the $700 billion Wall Street financial rescue plan rejected by the House of Representatives on Monday.

Majority Leader Harry Reid and Sen. Mitch McConnell, leader of the minority Republicans, say they plan to add a tax cut package already rejected by the House.

The bipartisan move caps a day of behind-the-scenes maneuvering in Congress over what sweeteners to add to the bill to attract votes from House Republicans.

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 $250,000 from $100,000 per account.