September 24th, 2008
08:45 PM ET
12 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. Credit Card Republicans

    When all else fails,lets play the fear card.Americans dont be chicken littles again.

    September 25, 2008 12:53 am at 12:53 am |
  2. Benz

    I will bet my last penny that Macain will make Bush look good as a president. This man can wake up any day and take action without thinking. My vote for Obama is more against Macain/Palin.
    Already, Palin cannot stand the media and yet she can be president? This is Macain's idea of protecting her. There is so many cricises going on and only 42days to election and Macain can does not see the urgency in debating to let people know how we can survive this. He is putting wall street before the people. Surprise?

    September 25, 2008 12:54 am at 12:54 am |
  3. Amused visitor to America

    Did anyone catch the Larry King Live chat with the "brief" man from Iran?

    somehow, he didn't seem as irrational, blood hungry, carnivorous trigger happy shmuck Bush and co have been painting to me.

    While I disagree with lots of his opinions especially on Israel, he sure deserves a fair hearing.

    and he stressed he was willing to talk...hmmm

    sounds like one presidential candidate was laughed to scorn when he proposed that not so long ago....

    He laughs longest, who laughs last...

    September 25, 2008 12:57 am at 12:57 am |
  4. ngozi

    One question. If this bailout is aproved out of fear. Will these company still go after their debtors and mess up their credits? What about these company's credits/ Who is rating them? and how does that affect their future?

    September 25, 2008 12:58 am at 12:58 am |
  5. KC

    Mike D. A voice of reason! You said it!

    September 25, 2008 01:01 am at 1:01 am |
  6. sally sue

    Is it just me or does Obama look scared as ever? I kept watching and he actually looked scared. He couldn't lead himself out of a paper sack unless there was a camera crew, flashing lights, and makeup people there to direct him.

    September 25, 2008 01:05 am at 1:05 am |
  7. Enough

    Scott L-
    take off your Republican blinders. Post after post, short on
    facts, long on spin. The Democrats do not have a veto proof majority
    but you knew that didn't you?
    Please enlighten us as to what "magic" McCain worked? I wouldnt call going from "the fundamentals of the economy are strong" to this crisis in less than week, magic.

    September 25, 2008 01:08 am at 1:08 am |
  8. ngozi

    Something that is not making headline. After, the time line for withdrawal was made, Bush, went behind and requested that the time for withdrawal be moved till 2011 because of the election in USA.
    What will it take Macain supporters to stop looking and sounding stupid? You do not have to vote for Obama but at least have the common sense of being independent. If a man fool you once shame on him if more shame on you. If you were fooled by Bush and now Macain you must be a moron. No matter how your financial situation is now, trust me God has a way of punishing people.

    September 25, 2008 01:09 am at 1:09 am |
  9. cecil

    Why Can't They Do Both!
    Oh I Forgot, Sen. McCain Will Be Too Tired!

    They Both Have Jets.

    Sen. McCain Overacted On this!

    Stopping The Campaign and Not Wanting To Debate. What About Puting Your VP To Work.

    You Have A VP, Advisors, Capaign Managers, Surogates, TV Ads
    Why Stop?

    The Debate Fly Time To and From 3 hours, The Debate 1 1/2 hours.

    Fly Back To DC Take Care Of More Business, Than Call It A Night!

    Sounds Do'able To Me.

    September 25, 2008 01:10 am at 1:10 am |
  10. Mike in SFV

    check out McCain taking a photo opp with a leader...

    September 25, 2008 01:11 am at 1:11 am |
  11. Jane

    This is all a ploy by Mc Cain to get out of the debate. he can't use a teleprompter to give an answer and as he has said, he knows nothing about the economy. No Kidding! Now the suggestion is that the debate should be rescheduled on the night of the VP debate. Palen isn't prepared and never will be able to debate Joe Biden because he knows his stuff. McCain is losing his edge, if he ever really had it and is now falling apart. The economy is sound, RIGHT!

    I like the idea brought up that some of the big corporations should bail out the the oil companies or Walmart, They get all our money so why shouldn't they help.

    Obama is right when he said that a president should be able to multi-task. He was also right to call for a bipartisan statement . Instead Mc Cain stated that he invited Obama to help him....give me a break! They can both go to DC and then take the same flight to Mississippi on Friday. Nice try McCain, but we see right through you and Bush too. If his administration had been doing its job, we wouln't have this mess.

    Enjoyed Letterman tonight, Mc Cain really should realize that his lies will be found out. he isn't leaving for DC until he could have shown up. He did Couric instead....shame on him!

    September 25, 2008 01:12 am at 1:12 am |
  12. Wanda

    I am a independent voter who belongs to a large group of independent voters in my state. We all have our own ideas of who we think the best candidate is, but we have decided to all agree on the same candidate, so we will have a larger impact on the outcome of this race. The plan is to listen to the debates and make our decision accordingly. However, we were expecting our first debate on Friday, Sept.26. Due to McCain's mavericktism or lack of, this may or may not be the case. In light of this, we have all concured if there is no debate on Friday, we will all cast our votes for Obama. It's starting to be evident that John McCain may not be as experienced as we believed. With Sarah Palin on his ticket, it doesn't leave much room for error. Who is advising this man? They should be fired!

    September 25, 2008 01:17 am at 1:17 am |
  13. Obama 08

    To Scott are soooooo lost and out of touch just like your candidate!!!

    September 25, 2008 01:20 am at 1:20 am |
  14. Judith Briles

    The new Pit Bulls (with or without lipstick) are the Bullies from the Feds and Treasury. Section 8 cannot be ignored of the Bailout Plan; no CEO should get a penny, should be forced to give back, ect. THe Administration and their mouths have had to know things were dicey for a long, long time. The faux surprise that it happened overnight is absurb.

    The debates should go on; people should hear what each candidate has to say is an environmental that promises to be quite interesting given what's happend the past week.

    September 25, 2008 01:23 am at 1:23 am |
  15. Saba

    Obama is a real leader. But people like you are blinded with hatered.
    You do not see whatever good he does. If Obama was white, he would
    never face this kind of comments.

    September 25, 2008 01:23 am at 1:23 am |
  16. Minnesotan for Dems

    It's a CONSPIRACY!!!!!! The Repugs are trying to derail the election, so Bush can pull a coup and remain in the White House for another 4 years since the election/debates are successfully being pushed to the back burner.... And you voters who are blindly playing right into the conspiracy, are going to be sorry you voted Republican, when your kids, grandkids, are DRAFTED and sent to fight TERRORISTS and invade other countries...And they come home to you in BODYBAGS,,, Better buy those burial plots....

    September 25, 2008 01:24 am at 1:24 am |
  17. Shery

    Mike D,
    Scott is not going to understand what you trying to explain. He is a fool.
    You sound like educated person (the way you write) and others will benefit from what you are saying.

    September 25, 2008 01:29 am at 1:29 am |
  18. Vote08

    BREAKING NEWS! Obama has decided to continue campaigning instead of meeting with other government officials to discuss the current economic crisis... however Obama has told President Bush and the other government officials that he will be voting PRESENT.

    Obama the great do nothing senator. Someone remind me what qualifies him as being our next President? He has a resume full of made up stories but it's thin on substance.

    September 25, 2008 01:32 am at 1:32 am |
  19. World Leader

    I will only listen to Congressman Ron Paul. All the rest have no credibility.

    September 25, 2008 01:33 am at 1:33 am |
  20. Sliding At The Polls

    David Letterman made a good point that McCain shouldn't suspend his campaign to resume his duties as Senator after a 5 month layoff; instead Sarah Palin should step in and take his place. She should be ready, right?

    So how about agreeing to postpone Friday's debate between Barack Obama and McCain only if Joe Biden and Palin step in and take their places. This would be a good test to see if either VP candidate is ready to be President. I have a hunch that Joe Biden is ready, although I'm not so sure about Sarah Palin.

    September 25, 2008 01:36 am at 1:36 am |
  21. will

    This is the reason Obama did'nt agree to doing the townhall meetings. He knew mccain would run sneaky tactics and he would not be able to get the truth out. Keep underestimating Obama and we going to ride this thing all the way to the top.

    September 25, 2008 01:40 am at 1:40 am |
  22. Heather

    What? The Candidate that admitted that he "doesn't know much about economics" suddenly thinks that he's so vital to the process of crafting a bailout bill that he wants to skip the debate and reschedule it for the day of VP debate?!?

    McGrandStand would keep pushing the date of the election back until the poll numbers swung in his favor if he could get away with it. The lack of principles this man has is terrifying.

    We all heard Palin challenge the public the other day that she was ready to play 'stump the candidate'. So why is McBlame playing games in a too transparent attempt to have the VP debates canceled? After all, it took Obama telling him for him to realize that the 'fundamentals of economy' are NOT strong.

    It looks like McCoward's attempt to point to the town hall debates as Obama being afraid to debate him was just McLiar lying again as usual. McWeak has revealed to us all that he would have backed out of the debates at the last minute even if Obama had accepted. What a McJoke.

    September 25, 2008 01:46 am at 1:46 am |
  23. jonny

    McCain is playing dirty tricks trying to get out of having to debate, not just him, but his VP as well. Why is he so desperate to hide? And really, even if both candidates DID need to go to washington and delay their debate, there is NO reason for the VP's to delay theirs. If the candidates wanted to take the slot of the VP's debate, then the VP's could use this fridays slot to debate. There is no reason to cancel any debates, let alone all of them!!

    What I dont understand is why people call McCain a hero. Yes, he was captured and tortured, but he caved under torture. I dont blame him for that, but i do not think that makes him a hero. And he is caving again. He obviously cant handle pressure.

    September 25, 2008 01:50 am at 1:50 am |
  24. Jmaie,Hattiesburg

    God works in wonderful ways.People the handwriting is on the wall.We elected a president that has the worse approval rating ever,then he gave us George, I'm sorry, John McCain, who is the worst presidential candidate ever, then he gave us the debate in MISSISSIPPI that was suppose to happen on Friday that is significant in the fact that has been portrayed as the most racist state in the union in which Barack is on his way to winning, and would represent in irony a frue sign of change and reconcilation on the race issue in this country which is the step this country must take to start to present a better image to the world. The debate must go on with or without McCain.

    September 25, 2008 01:54 am at 1:54 am |
  25. Dan F (16)

    Democrats give me the impression that they, the people of the party, are violent and aggressive. RIOT CREWS were called in during the GOP National Convention (who protests to the GOP? Democrats, of course) to handle protesters, yet during the Democratic National Convention, the protesters (probably Republicans) were much more peaceful. Not to mention that on pretty much any blog, comment, etc., the people who are clearly Democratic almost always take the most liberty in tearing down the GOP in the most ruthless ways and accuse the GOP relentlessly from an emotional charge. From what I can tell, you people just despise Republicans. Generally, we Republicans would rather we all just get along and get something done, no matter what party, what the stand. I mean, is it really about the party? Is getting Democrats into offices all that really matters to you (from what I can tell it is)? Really, that's not what it's about at all. It's about America and Americans. It's about making sure that nobody is left out and everybody is served effectively and equally. I'm sorry...I really hate to say this, but you Democrats really need to grow up and stop PMSing (I'm sorry, but I had to say it, I really did, even though I really didn't want to; and believe me, I didn't want to). It's time for us all to grow up and get the corruption in this nation straightened out.

    September 25, 2008 02:00 am at 2:00 am |
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