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September 30, 2008 - by Donny Shaw

With Barack Obama and John McCain (not to mention T.Boone Pickens) backing the idea, increasing the FDIC’s bank deposit guarantee limit from $100,000 to $250,000 is sure to be added to Congress’s bailout revision.

WaPo explains: “Any increase in the ceiling would require an expansion of the FDIC’s insurance fund. The fund is replenished by an assessment on the banking industry, not taxpayers, but higher assessments would limit the amount of money banks have available to make loans.”

Will adding this provision to the bill as rejected by the House yesterday be enough for it to pass?

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