Obama proposes increasing bank deposit insurance

WASHINGTON (AP) -- Barack Obama says he wants an extension of the federal deposit insurance limit as part of a revamped economic rescue plan he says remains essential.

Obama says in a statement the current federal guarantee of up to $100,000 in bank deposit insurance, a limit set nearly 30 years ago, works for most families but not for many small businesses.

He says raising the limit to $250,000 would help small businesses and "restore public confidence" in the financial system.

While Congress decides how to proceed, Obama says jobs, retirement savings and economic security for all Americans hang in the balance.

But what Obama doesn't want is for Congress to start over. He says with the progress made, success is unlikely if Congress starts from scratch.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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