(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.