September 24th, 2008
08:45 PM ET
10 years ago

McCain and Obama issue joint statement on economic crisis

Sens. Obama and McCain issued a rare joint statement Wednesday about the financial and economic challenges the country is facing.

Sens. Obama and McCain issued a rare joint statement Wednesday about the financial and economic challenges the country is facing.

(CNN) - Presidential hopefuls John McCain and Barack Obama issued a joint statement Wednesday night on the economic crisis stating "now is a time to come together - Democrats and Republicans - in a spirit of cooperation for the sake of the American people."

Released about 15 minutes before President Bush's scheduled televised address on the economy, the joint statement labeled Bush's proposed economic bailout plan as "flawed."

"The plan that has been submitted to Congress by the Bush Administration is flawed, but the effort to protect the American economy must not fail," the statement said.

In a separate statement, Obama outlined five principles he said were necessary for the proposal.

The principles included creating economic plan that helped "millions of families facing foreclosure" and not just Wall Street, creating "an independent, bipartisan board to ensure accountability and complete transparency" and protecting taxpayers by creating a economic plan that did not include earmarks.

"This plan cannot be a welfare program for CEOs whose greed and irresponsibility has contributed to this crisis," Obama's statement said.

Filed under: Candidate Barack Obama • Economy • John McCain
soundoff (200 Responses)
  1. SAL

    Obama is a man of values and integrity.

    I used to think the same of Mccain. he has become a shell-empty and without purpose.

    He is becoming someone we pity.

    If he and Palin are truly unqualified to debate...or to lead....then it is time for an emergency GOP convention to let his party select a new candidate. this one is just pitiful.

    September 24, 2008 09:39 pm at 9:39 pm |
  2. Tom Jefferson from Monticello, Va.

    Once again Mr.Obama offers a plan and tomorrow McShame will steal it.

    September 24, 2008 09:41 pm at 9:41 pm |
  3. cecil

    John McCain Overacted. There Was No Reason For Stopping There Campaign or The Debate. I Feel He Used Bad Judgement In This Matter!

    They Should Be Able To Continue Campaigning, Running TV Ads.

    They Do Have A Staff, VPs, Surrogates, and Advisors. So What's The Problem McCain.

    His Temperment ?

    September 24, 2008 09:42 pm at 9:42 pm |
  4. D from MI






    September 24, 2008 09:43 pm at 9:43 pm |
  5. Jeff DuShane

    It will only be a matter of days before we see campaign ads from the right that say how McCain ran to Washington and Obama decided to stay on the trail. This was nothing but a political stunt by the GOP to get back the headlines. McCain even managed to invoke 9/11 in his brief two minute speech about suspending his campaign...As always, bring back the FEAR. The pundits will be all over this saying how McCain looked 'like a leader' when it was needed. Talk about using a national crisis for political gain....

    September 24, 2008 09:43 pm at 9:43 pm |
  6. Haneefah

    Wow! McShame, Palin failin, can't get up enough guts to face Senator Obama on this economic CRAP that you Republicans put us (The USA) in huh? Get up off your A_ _ and go to Miss. on Friday, have the debate and go home and take a nap because U R going 2 need it after your TownHall Debate with Senator Obama and let Palin the Failin Flop when she Debates Senator Biden. You cannot trick the people of the United States of America again with all of the Republican Lies ever again. Get over yourself and your so called VP pick. ManUP, Women UP!


    September 24, 2008 09:44 pm at 9:44 pm |
  7. Danny

    Obama was the first to call McCain this AM. and what does the sly maverick do? he quickly jumps out and acts like he spearheaded and initiated the joint statement. It either people are not paying attention to this guy, or there is something gravely sinister about his followership.

    He has so many strikes and so much baggage(including Palin) that i am surprised some people are still following him in the polls. But i trust America will do the right thing come Oct. 4

    NO McPalinBush

    September 24, 2008 09:44 pm at 9:44 pm |
  8. U.S. Common Sense

    Post the text of the joint statement.

    September 24, 2008 09:46 pm at 9:46 pm |
  9. Emily

    One more to add. These CEOs should get $0. McCain's proposal of maximum $400,000 is just beyond my comprehension. Why do they need $400,000 a year? To spend on what?

    September 24, 2008 09:47 pm at 9:47 pm |
  10. sharon stevens

    McCain and Obama should stand tall together and do their jobs they are paid to do. They should go back to Washington and show they can work together for the sake of the American people. They can get this done and show us they can lead, work together, and solve Americans problems by putting WE THE PEOPLE first!

    September 24, 2008 09:49 pm at 9:49 pm |
  11. No way No how No McLies

    Bravo Senator Obama fr showing true leadership time and time again.

    September 24, 2008 09:52 pm at 9:52 pm |

    This is not what happen... Let look back at what todays events really were.

    Bring on the debates!

    Because this is a pathetic political stunt on behalf on the McCain campaign. McCain is the weaker of the candidates on several fronts, but, most notably, when it comes to the economy. Obama has the edge in the polls when it comes to this. McCain is trying to look like a take charge kind of guy when all he is really doing is buying himself time. While the crisis is certainly crucial, it does not call for a suspension of either campaign, and, most certainly, does not require a delay in the first debate.

    With only 40 or so days til election day, the debates are crucial. McCain amazes me more and more every day and not in a good way.

    September 24, 2008 09:53 pm at 9:53 pm |
  13. Meka


    OBAMA/BIDEN '08-'12

    September 24, 2008 09:54 pm at 9:54 pm |
  14. charlemagne, NY

    Nice to see that the powers that are and powers to be have come to the simultaneous conclusion that real damage has been done to the economy. Strange, though, in all the statements coming forth today it is Senator Obama who is the one to be issuing plans and proposed policies to fix the mess. McCain offers nothing, Bush just keeps redundantly repeating himself. This is a no brainer.... go Obama!

    September 24, 2008 09:59 pm at 9:59 pm |
  15. Bulldog

    McCain made a very dishonorable tactic today trying to steal Obama's lead in calling for this joint statement and making a political ploy to try to delay the Presidential debates. Obama held his ground and didn't give into McCain's childish games. McCain was very disgraceful today.

    September 24, 2008 10:00 pm at 10:00 pm |
  16. Gary Chandler in Canada

    Only bail out the real victims of 'predatory' lending, the ones bamboozled with false interest rate projections. As for the ones that lied about their income and other financial information, sick the FBI on them. They do NOT deserve bailing!

    September 24, 2008 10:00 pm at 10:00 pm |
  17. Campbell

    Where is the statement CNN and where is McCain's statement as well oh unbiased ones?

    September 24, 2008 10:02 pm at 10:02 pm |
  18. FLGirl

    If Obama could do two things at once he would have convened the Subcommittee on European Affairs to examine NATO’s current role and position in Afghanistan. He admitted to being too busy running for President to do so…

    September 24, 2008 10:02 pm at 10:02 pm |
  19. sal

    If Bill Clinton would have been more responding than reacting,

    Then Obama and McCain race would over.

    I have never heard him say nice things about obama or biden.

    Bill clinton is sore looser covering his behind.

    September 24, 2008 10:03 pm at 10:03 pm |
  20. Mack in OH

    McCain will be a hero because that is what he is.

    Obama will be an empty suit talking by himself to the TV cameras, because that is what he is.

    September 24, 2008 10:06 pm at 10:06 pm |
  21. Linda

    Obama is concerned with a debate when the US financial status is about to go down the "crapper/" Who cares about a debate...the most important thing right now is the US financial situation! Everyone I know is concerned about it and scared for their future. I am totally bi-partisan but I feel Obama is not focusing on the crisis at hand and is more concerned with political gain. Get with it Obama!

    September 24, 2008 10:06 pm at 10:06 pm |
  22. John B. From New Hampshire

    CNN, why have you removed the report on Rick Davis receiving 15K/MO from Fannie Mae? not everyone reads the new york times you know!

    September 24, 2008 10:08 pm at 10:08 pm |
  23. Fla Granny

    I thought McCain said it wasn't the right time for making statements. Is he running scared from the debate or what? I know he and Obama aren't going to solve a thing in a few hours on Friday night if they stay in Washington.

    September 24, 2008 10:09 pm at 10:09 pm |
  24. Student in NY

    Bailing on a presidential debate to by yourself and your inexperienced VP more time because your poll numbers are sinking is not leadership.

    Pulling the ultimate cynical political ploy because you are too confused to offer a plan to the American people is not leadership.

    Lying to the American people and bailing on your engagements because you claim you must return to Washington immediately, while hiding out in NYC is not leadership.

    Believing the American people will fall for your obvious attempt at distorting the issues every time the economy becomes front and center is not leadership. (Palin pick after Fannie? And now this?)

    Throwing your political opponent a bone and allowing him to sign onto a statement of bipartisanship to allow him to save some face is actually putting politics aside and is leadership.

    Offering your own 5 point plan on the economy is leadership.

    Recognizing that in these dire times, the American people need to hear from the man who will lead this country very soon is leadership.

    Maintaining your cool under the most critical of times and not panicking and scrambling to find the message of the day is leadership.

    Barack Obama and Joe Biden are in fact leaders. They do not stray and do not buckle under pressure.

    McCain and Palin are running and scared and are unwilling to face the American people in a sorry attempt to save their poll numbers. Country Second...McShame first. Shame on you both.

    Take a step back and see what's really going on here.

    BO and Joe in 08!

    September 24, 2008 10:12 pm at 10:12 pm |
  25. Another Republican for Obama (this year)

    Oh look. more specifics from Obama on the economic bail-out and the current crisis, and from McCain we have a request for a time-out.

    That kinda sums it up, doesn't it.

    September 24, 2008 10:12 pm at 10:12 pm |
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