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Presidential candidates together on bailout
Denver News.Net
Tuesday 30th September, 2008
Both major U.S. presidential candidates have agreed to urge Congress to act quickly on a plan to rescue the weakened U.S. financial sector.
After many occasions in the past days when they disagreed on economic rescue methods, Republican John McCain and Democrat Barack Obama have both pushed Congress to try again on a financial rescue plan.
Both men have proposed the government increase the limit on bank deposit insurance from the current figure of $100,000 to $250,000.
John McCain, speaking to a group of small business owners in Des Moines, Iowa, said any inaction from the Congress would be severely damaging to the economic security of American families.
He said if there was a failure in the bailout talks, “the fault will all be ours."
The Republican candidate also suggested giving the government the authority to purchase $1 trillion in mortgages.
McCain and his Democratic rival, Senator Obama, both talked by phone with President Bush earlier in the day, who also urged Congress to act swiftly on a rescue plan.
In Reno, Nevada, where Barack Obama spoke to a University of Nevada rally, he urged Americans to get behind the financial rescue plan.
He said: "To the Democrats and Republicans who opposed this plan yesterday, I say step up to the plate and do what is right for this country. And to all Americans, I say this. If and when I am President of the United States, this rescue plan will not be the end of what we do to strengthen our economy, it will only be the beginning."
Obama said unless congressional action came quickly, Americans would find it increasingly difficult to borrow for mortgages, cars or student loans.
Obama has been gaining in numerous national polls in recent days, while McCain has struggled since he announced a brief suspension in his campaign appearances to help solve the crisis.
The polls during the past week have shown Obama pulling into a slight lead over McCain on matters relating to the economy.
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