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Candidates Return to Capital to Back Bailout

McCain, Obama stress urgent need for financial intervention

By Nick McMaster,  Newser Staff

Posted Oct 1, 2008 4:40 PM CDT

(Newser) – The presidential candidates took a break from stumping today to visit Washington, DC, and support the Senate's financial bailout plan, the New York Times reports. Barack Obama repeated his pro-bailout argument on the Senate floor, saying that "the worldwide economy could be plunged into a very, very deep hole." He admitted earlier today that the plan was "not perfect," but necessary to "prevent a crisis."

John McCain sounded a similar alarm while stumping in Missouri, calling the credit crunch "the greatest financial crisis of our lifetimes" and likening the bailout to post-Sept. 11 legislation. "There will be a time to fix the blame for all that has happened," he said, "especially in the case of Fannie Mae and Freddie Mac, and the abuses and political deal making that corrupted them.”

Republican presidential candidate, Sen. John McCain, R-Ariz., boards his campaign plane in Kansas City, Mo., Wednesday, Oct. 1, 2008.
Republican presidential candidate, Sen. John McCain, R-Ariz., boards his campaign plane in Kansas City, Mo., Wednesday, Oct. 1, 2008.   (AP Photo/Gerald Herbert)
Democratic presidential candidate Sen. Barack Obama, D-Ill., steps off the his campaign plane at Ronald Reagan National Airport in Arlington, Va. Wednesday, Oct. 1, 2008.
Democratic presidential candidate Sen. Barack Obama, D-Ill., steps off the his campaign plane at Ronald Reagan National Airport in Arlington, Va. Wednesday, Oct. 1, 2008.   (AP Photo/Alex Brandon)
Democratic presidential candidate Sen. Barack Obama, D-Ill., waves as he walks into the Hart Senate Office Building in Washington Wednesday, Oct. 1, 2008.
Democratic presidential candidate Sen. Barack Obama, D-Ill., waves as he walks into the Hart Senate Office Building in Washington Wednesday, Oct. 1, 2008.   (AP Photo/Alex Brandon)
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It took Congress a while, but they have awakened to the danger. And today, with the unity that this crisis demands, Congress will once again work to restore confidence and stability to the American economy. - John McCain

This is not a plan to just hand over $700 billion of your money to a few banks. If this is managed correctly, we will hopefully get most or all of our money back, every penny of which will go directly back to you, the investor. - Barack Obama

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