(CNN) - The $700 billion financial plan for Wall Street failed in the House of Representatives because people are not convinced it is a "rescue effort," Republican presidential candidate Sen. John McCain told CNN's "American Morning."
"We haven't convinced people that this is a rescue effort not just for Wall Street but for Main Street America," McCain said from the campaign trail in Des Moines, Iowa Tuesday. "We didn't do a good enough job."
Watch: Market mess endangers McCain
McCain and his opponent, Democratic presidential candidate Sen. Barack Obama, have both said that they would probably vote for the legislation, as long as it included some key principles they had pushed for in the measure.
McCain, who briefly suspended his campaign last week to focus on the financial crisis, did not say whether he would take that action again.
"I will do whatever is necessary," he told CNN.
McCain said he spoke to President Bush Tuesday morning to offer his recommendations for a short-term plan "to restore our economy," including using $250 billion of the Treasury Department's exchange stability fund to "shore up our institutions."
McCain said he also wants the federal government to increase its deposit insurance - which currently insures bank accounts up to $100,000 - to $250,000. He said the Treasury Department should also use its power to purchase up to $1 trillion of mortgages.
Watch: McCain's economic remedy
Obama also suggested Tuesday that the Federal Deposit Insurance Corporation's limit be raised to $250,000, saying that might convince lawmakers who voted against the proposal to change their minds.