Wall Street seems to like the most recent Bush administration bailout plan.

Stocks soared around the world Monday in response to coordinated government relief efforts both here and abroad. Plus, the Associated Press reports, President Bush plans to announce Tuesday morning a move for the U.S. government to spend as much as $250 billion of the $700 billion bailout buying stock in private banks, boosting protections for the financial system.

The plan came after a Treasury Department meeting between top government economic officials and executives of the nation’s largest banks. The plan also would provide a way for the government to insure loans that banks make to each other to loosen up credit.

The Treasury Department on Monday night said the administration had decided on "comprehensive actions" to bolster public confidence in the U.S. financial system and to "restore functioning of our credit markets."

Two officials told the AP the administration might use as much as $250 billion of the bailout program recently passed by Congress to buy into U.S. banks, and will initially buy stock of nine large banks. Then the Federal Deposit Insurance Corp. will temporarily provide insurance for loans between banks, charging the banks a premium for doing so. The FDIC also would temporarily remove the current $250,000 limit on FDIC insurance on bank deposits for non-interest-bearing accounts, to primarily benefit businesses who use non-interest-bearing accounts to run their businesses.

The Washington Post reports that the chief executives of the nation’s nine largest banks were told by Treasury Secretary Henry Paulson that they needed to participate in the plan for the good of the national economy. The administration hopes that the banks’ cooperation will send a message to smaller banks that it’s OK to accept government funding.

The banks agreeing to the deal are: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, J.P. Morgan Chase, Merrill Lynch, Morgan Stanley, State Street and Wells Fargo.

European governments also poured millions of dollars into their banks Monday to stabilize their local economies.