WOOSTER, Ohio (CNN) – A day after saying the federal government should not come to the rescue of insurance giant AIG, Democratic VP nominee Joe Biden shifted his position Wednesday, saying he needs to get more details on the terms of the $85 billion bailout.
"The truth is I don't know what the bailout is yet," Biden said Wednesday afternoon in Maysfield, Ohio. "It looks like they're lending them a little bit of money. I don't know what they've done, I haven't had a brief on it. I haven't spoken to the Secretary of the Treasury."
Biden's answer struck a different tone than his Tuesday reaction. "No, I don't think they should be bailed out by the federal government, I'll tell you what we should do," he said on NBC's Today Show. "We should try to correct the problems that caused this. And what's caused this? The profligate tax cuts to the very, very wealthy that John [McCain] wants to continue. What has caused this is the failure to have regulation...It's this government's policies that have caused [the middle class] to get in great trouble."
Before Biden's Wednesday comments, Barack Obama released a statement saying that any arrangement should protect families that count on the company's insurance.
"It should bolster our economy's ability to create good-paying jobs and help working Americans pay their bills and save their money. It must not bail out the shareholders or management of AIG," said Obama.
A spokesman for the Delaware senator released a statement Wednesday aligning Biden with Obama.
"Joe Biden made it clear that nobody likes bailouts, and we should never have been put in this deep hole as a country," said spokesman David Wade. "Taxpayers shouldn't have to be asked to clean up another mess. But here we are. Senator Obama and Senator Biden agree that whatever happens, the Fed needs to make sure it protects the families that count on insurance, bolsters our ability to create good-paying jobs, and helps working Americans pay their bills and save their money. The answer isn't to bail out the shareholders or management of AIG."