Opponents have failed to halt momentum on a bill to extend the Transaction Account Guarantee program, and the Senate is slated to vote on the legislation as early as next week.

Industry lobbyists are optimistic about the bill's chances in the Senate, however it still faces obstacles in the House.

"Many in the House consider TAG a bailout, which means extension faces an uphill climb," said Scott Talbott, senior vice president at the Financial Services Roundtable, which opposes extending TAG.

Most observers think the best chance of success for an extension of TAG, which was created in 2008 by the Federal Deposit Insurance Corp. in response to liquidity concerns and later extended to the end of this year by the Dodd-Frank reform law, would be its inclusion on a broader piece of legislation related to the fiscal cliff.

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