Michael Steele wrote me,
"Folks – I wanted to point out two AP stories that deal with a proposal to raise the FDIC limit. The first story says that Sen. Barack Obama supports such a proposal. That is, frankly, shocking, since the idea was actually proposed by House Republican negotiators on Saturday evening, but was strongly rejected by Senate Democrats. Rep. Chris Shays has introduced this proposal as legislation (H.R. 7235). The second AP story mentions the House GOP support for this proposal.
Why is Sen. Obama embracing a proposal his colleagues rejected? Why did Senate Democrats reject the proposal initially? Have they all changed their minds, or is Sen. Obama breaking with his colleagues? Interesting questions … - stee"
Associated Press September 30, 2008 9:05 AM
WASHINGTON (AP) - Republican John McCain and Democrat Barack Obama said Tuesday the government should raise the federal deposit insurance limit from $100,000 to $250,000 as part of a renewed approach to shoring up the U.S. economy.
WASHINGTON — Top congressional and White House officials, stunned when the House rejected a massive rescue plan for the nation's economy, scrambled to structure a new bailout proposal that would attract reluctant lawmakers and still soothe the unnerved financial markets. …
Republicans, already seeking possible votes, floated several ideas. One would double the $100,000 ceiling on federal deposit insurance. Another would end rules that require companies to devalue assets on their books to reflect the price they could get in the market.