McCain, Obama both call for more bank deposit insurance
Decrying inaction on a financial bailout plan, Barack Obama and John McCain propose similar bipartisan solutions. They want to include raising the FDIC insurance limit to $250,000.
DES MOINES -- The major presidential candidates this morning separately called for increasing government insurance on bank deposits as they both tried to show that they were helping to resolve the economic crisis.
A day after the House of Representatives failed to pass a $700-billion emergency plan to shore up the financial system, Democratic Sen. Barack Obama and Republican Sen. John McCain reacted the same way to the crisis. They made similar proposals on insurance, they both telephoned President Bush and they issued similar calls for Congress to make another attempt to pass legislation.
"We are in the greatest financial crisis of our lifetimes," McCain told businessmen at an economic roundtable here. "Congressional inaction has put every American and the entire economy at the gravest risk. Yesterday the country and the world looked to Washington for leadership, and Congress once again came up empty-handed. I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem. Bipartisanship is a tough thing, never more so when you're trying to take necessary but publicly unpopular action. But inaction is not an option," he said.
The Obama campaign also called for bipartisanship to resolve the legislative logjam.
"While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families," Obama said in a statement released this morning as he prepared for a rally in Nevada.
"At this moment, when the jobs, retirement savings, and economic security of all Americans hang in the balance, it is imperative that all of us -- Democrats and Republicans alike -- come together to meet this crisis," he said.
With five weeks to go until the general election, the current credit crisis has overtaken the presidential campaigns, even eclipsing foreign policy during last week's debate. McCain and Obama have tried to use the crisis to demonstrate their brands of leadership. Both sides today also rolled out fresh ads linking the other to the crisis.
There are many similarities on policy. Both men supported the $700-billion package, but have called for greater transparency and oversight and said that taxpayers should benefit if the distressed companies become profitable. They also agree that golden parachutes should be eliminated for executives of companies that take federal aid and that there should be provisions for helping Main Street as well as Wall Street.
