The U.S. is weighing two steps to repair ailing financial markets by guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits, the Wall Street Journal reports. If made, the moves would represent the government's most extensive intervention yet in the financial system, the Journal adds. Officials from the Group of Seven leading industrial nations will meet starting Friday in Washington where they intend to discuss a proposal from the U.K. government to bolster bank lending. Under the U.K.'s recently announced plan, the British government would guarantee up to 250 billion pounds ($432 billion) in bank debt. The British concept has a lot of support from Wall Street and is being pored over by U.S. officials, according to people familiar with the matter, the Journal reports. The move to back all U.S. bank deposits, which is only in the discussion stage, would be aimed at preventing a further exodus of cash from financial institutions, including small and regional banks, which have seen large amounts of redemptions, the Journal reports. To remove the ceiling on deposit insurance, multiple government agencies would first need to agree that there was a "systemic risk" to the economy, thereby invoking a rarely used legal power, according to the Journal. Amid repeated efforts by the federal government to prop up ailing institutions, some bank regulators say the move is justified, according to the newspaper. Nobody ever made a dime by panicking, says Jim Cramer. Moneymaking opportunities exist despite the market turmoil. So where's a market master like Cramer putting his money these days? Check out his personal portfolio at Action Alerts PLUS. Take a free trial now.