The U.S. government is reportedly considering even more extensive emergency actions, including possibly insuring all U.S. deposits and guaranteeing billions of dollars of bank debt.

The latest discussions, reported by The Wall Street Journal on Friday, are part of a concerted effort by the government to help the U.S. escape its worst financial crisis since the Great Depression

A day after reports swirled about the government injecting capital directly into banks in exchange for equity stakes, the Journal reported the government is considering guaranteeing billions of dollars of bank debt.

The plan would be similar to one recently announced by the British government and has seen strong support from Wall Street, the newspaper reported.

However, Reuters reported Friday afternoon that the G7 is unlikely to adopt the U.K.'s proposal  to gurantee interbank lending when it meets.   

Separately, the government is also discussing a move to insure all U.S. bank deposits to prevent further runs on the bank that took down Wachovia (WB) and Washington Mutual (WM), the Journal reported.

The Federal Deposit Insurance Corp.’s limit on deposit insurance was upped to $250,000 from $100,000 as a part of government’s $700 billion financial rescue plan passed last week.

To lift the FDIC insurance cap, multiple government agencies would have to say there is a “systemic risk” to the economy to invoke rarely used legal power, the Journal reported.

There’s no guarantee that either plan will come to fruition and government officials downplayed expectations anything will be announced this weekend, the newspaper reported.

The Treasury Department denied reports that it is considering lifting the insurance cap. 

"We raised the limit last week to $250,000 and have no plans to remove that cap," Treasury spokesperson Jennifer Zuccarelli.told FOX Business. 

The need for further government intervention has only been exacerbated by plunging markets and the nearly-frozen credit markets.

Over the past few months the government has intervened in an attempt to prevent financial disaster by giving insurer AIG (AIG) an emergency $85 billion loan, seizing control of mortgage giants Fannie Mae (FNM) and Freddie Mac (FRE) and orchestrating a global interest rate cut.