September 30th, 2008
08:45 AM ET
6 years ago

McCain: $700B plan is a 'rescue' effort, not a bailout

Sen. McCain says $700 billion financial plan should be called a 'rescue effort,' not a bailout.
Sen. McCain says $700 billion financial plan should be called a 'rescue effort,' not a bailout.

(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.

Watch: McCain on 'gotcha' journalism

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.


Filed under: John McCain • Popular Posts
soundoff (386 Responses)
  1. linda n carolina

    It's plain to see that MCCain will say and do anything to get elected. He is morally bankrupt and has sold his soul. Thursday will be the final nail in his coffin .

    September 30, 2008 11:29 am at 11:29 am |
  2. Farrell, Houston, Tx

    JOHN MCCAIN NEEDS TO BE RESCUED AND GET SOME MENTAL HELP.

    September 30, 2008 11:31 am at 11:31 am |
  3. OH for OBAMA

    IF YOU WANT MORE OF THE MCSAME/BUSH BUNCH OF LOSERS,LIARS AND THEFTS. THEN BY ALL MEANS VOTE FOR THE OLD GOAT AND PITBULL. BUT FOR REAL CHANGE ELECT SENATORS BARACK OBAMA AND JOE BIDEN.......

    September 30, 2008 11:34 am at 11:34 am |
  4. Rick

    I am tired of Democrats pointing the finger at Republicans all the time. There are just as many Democrats at fault as Republicans, if not more since they control the congress. This stupid argument about McCain being the same as Bush is old too. Will you people ever take a close look at McCain or just walk on water behind Obama. This Obama guy can do no wrong in most media reports and by Democrats post on CNN. Any one who calls Pastor Wright his "Uncle" and has this Pastor educate their children with hateful, racists opinions is not a good father or leader. What about Obama's past voting record, are you people blind? What about all his socialist programs, do you want to become a socialist state. He has done nothing for this current crisis. He claims that he deserves all the credit on Sunday and Monday it fails, again, because the Democratic leaders failed to lead. Stop the bashing until you finally look at the history of both candidates and stop listening to the talking head Obama's promises.

    September 30, 2008 11:35 am at 11:35 am |
  5. jim bob

    John it is a bailout, get a grip

    September 30, 2008 11:36 am at 11:36 am |
  6. Sue

    Does ANYone out there Still think McCain is "ready to lead"? Seriously??? Really?

    Obama and Biden '08-'12

    September 30, 2008 11:37 am at 11:37 am |
  7. Real Real Change

    Translation: "PLEASE MAKE THIS GO AWAY. PLEASE PLEASE PLEASE OH GOD MAKE THIS GO AWAY!"

    September 30, 2008 11:39 am at 11:39 am |
  8. Tom Eyemdaman

    McCain had worked out a fragile deal with the House GOP, then Pelosi had to sabotage the deal with her highly partisan debate.

    We are tired of the same old grenade-throwing in congress!!! Get something done, for OUR sake!!!

    Pelosi knew that support for the bill is fragile, and then she had to go ahead and try to blame the republicans for a democratic mess (look up Community Reinvestment Act of 1995) Bill Clinton knew what he was talking about when he said this was the Democrats fault.

    September 30, 2008 11:40 am at 11:40 am |
  9. Liz

    Here come the idiots out of their holes again to write their hate mail to people who oppose Obama because we feel he is not capable of doing a good job as president. You Obama supporters know nothing but hate. Tell me something, is this uniting the american people? Somehow I think none of you Obama supporters have any brains or common sense so we should read and ignore all your hate letters. I thought Obama was the "HEALER and UNITER? Maybe I was wrong to even think that. We are more divided as a nation than we were before Obama got into the presidential race. What does that tell you about his leadership?

    September 30, 2008 11:45 am at 11:45 am |
  10. paula

    It's a rescue effort from all the bad decisions which got us into this mess; mostly McCain and his DEREGULATION efforts over the years.....not to mention the influence of his campaign team, THE LOBBYISTS. What McCain meant yesterday when he said it's not the time to BLAME, he really meant BLAME EVERYONE ELSE BUT ME. He's turning into a joke and losing so much respect.

    September 30, 2008 11:45 am at 11:45 am |
  11. jason

    you're not going to convince us that it is a rescue for "main street," because it isn't true.

    it is nothing short of pitiful that you will manage to convince some. your media campaign to make it look like it's the only option, and pretense that everyone agrees with the media won't work forever...

    September 30, 2008 11:46 am at 11:46 am |
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