Senator Corker says Senate Will Approve Rescue Plan

In an interview with CNBC Wednesday morning, U.S. Senator Bob Corker said he fully expects that the Senate will pass the $700 Billion rescue plan.

The U.S. Senate announced on Tuesday evening that it intends to vote on a revised version of the U.S. Emergency Economic Stabilization Act of 2008 which now includes a revision to the FDIC's insurance limit from $100k to $250k, and perhaps additional homeowner tax breaks and unemployment legislation.

"I believe the Senate will pass it overwhelmingly tonight," said Corker, a Republican who serves on the Senate banking Committee.

Corker said in the interview that he was pleased with provisions for increased depositor insurance limits, adding he doesn't want to see any more measures added on.

By Steve Stecyk and edited by Stephen Huebl
©CEP News Ltd. 2008