Barack Obama says Congress has no choice but to pass bailout
Campaigning in Michigan, Obama goes on offense against presidential rival John McCain and predicts another drop in employment.
GRAND RAPIDS, Mich. -- Democrat Barack Obama, gaining in national polls amid growing voter concerns about the economy, told a crowd in Michigan today that Congress has no choice but to enact the administration's $700-billion financial rescue plan.
"If the financial markets collapse, and loans are not available, businesses large and small will follow," said Obama, who voted for the package last night. "It's your jobs, your savings, your ability to pursue your dreams for your children that are at risk."
But at a rally here at Calder Plaza in downtown Grand Rapids, Obama quickly pivoted from a bipartisan call to action to campaign offense -- criticizing Republican John McCain's tax policies while promising relief for Michigan's struggling auto sector.
In a state where the unemployment rate of 8.9% is the highest in the nation, Obama blamed the "greed and irresponsibility that has dominated Washington and Wall Street for years" and "an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else."
With a new jobs report due out tomorrow, Obama predicted another drop in employment.
"Nine straight months of job loss," Obama said, as the crowd booed, "yet just two weeks ago John McCain said the fundamentals of the economy were strong. I don't know what yardstick Sen. McCain uses, but where I come from there's nothing more fundamental than a job." (McCain later explained he was referring to the skills and potential of the workers of America).
Saying there is "something un-American" about a president who ignores job losses month after month," Obama criticized McCain for supporting $200 billion in tax cuts for big corporations at a time when working families were struggling to pay their bills and putting "seven of the biggest lobbyists in Washington in charge of his campaign."
The McCain plan calls for cuts for all businesses, not just corporations
In a reference to Republican vice presidential candidate Sarah Palin's early endorsement of a federal pork barrel project in Alaska that came to be known as "the bridge to nowhere," Obama added, "If you think those lobbyists are working day and night to elect him, well I've got a bridge to sell you up in Alaska."
