Obama calls on Americans to support rescue plan

RENO, Nev. (AP) -- Democratic presidential candidate Barack Obama is calling for Americans to get behind attempts to salvage a $700 billion rescue plan for the financial sector.

Obama told a crowd at the University of Nevada at Reno on Tuesday that if Wall Street fails, ordinary people will be hurt, too.

The Illinois Democrat warned that if Congress doesn't take action, people will find it tougher to get a mortgage for a home, a loan for college or a loan to buy a car.

Obama is proposing that the limit on federal deposit insurance for bank accounts be raised from $100,000 to $250,000. Increasing that limit, he says, would help small-business owners and reassure nervous Americans as well as help shore up the economy.

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


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