McCain Says Politics Must Be Put Aside for Rescue


By Edwin Chen, Bloomberg
September 25, 2008

Article Excerpts:

Sept. 25 (Bloomberg) -- Republican presidential candidate John McCain today called for a swift, bipartisan agreement on a plan to rescue U.S. financial markets, saying history would judge public officials harshly if they fail.

"Our duty is to serve the people of this country, and we can serve them best now by putting politics aside and dealing in a focused, straightforward, bipartisan way with the problem at hand," McCain said. . . .

He plans to go to Washington by midday to join Democratic rival Barack Obama and congressional leaders at the White House for negotiations on the rescue plan. He repeated his statement from yesterday that the $700 billion plan as originally presented by Treasury Secretary Henry Paulson doesn't have enough support to pass Congress.

Like Obama and many members of Congress, McCain said the package must include a bipartisan board to oversee implementation of the rescue plan, a way to recoup taxpayer funds and limits on executive compensation for any company taking part.

"This is one of those moments in history when poor decisions, made in haste, could turn a crisis into a far-reaching disaster," he said.

Suspending Campaign

McCain also reiterated that he is suspending his campaign until the bailout plan is finished. Following his speech he headed back to Washington, where lawmakers were trying to wrap up negotiations on legislation for the rescue.

Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, said before going into a meeting this morning with Republicans that lawmakers have "work to do" to reach an agreement. . . .

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