Both John McCain and Barack Obama have urged the US Senate to pass the revised bailout bill which will be voted on today. The Washington Post reports that both candidates made statements in favour of the bill before leaving the campaign trail to return to Washington to cast their own votes on the bill.

Campaigning in Missouri, Sen. John McCain (R-Ariz.), the Republican presidential candidate, warned today that “if we fail to act, the gears of our economy will grind to a halt.” He said Congress has “awakened to the danger” of a full-fledged financial “disaster” if the bill fails. But he expressed confidence that the new version would be passed with bipartisan support.

Sen. Barack Obama (D-Ill.), the Democratic candidate, said in Wisconsin that Congress must act “to prevent a crisis from turning into a catastrophe.” He urged Democrats and Republicans who have opposed the plan to “step up to the plate” and “do what’s right for the country, because the time to act is now.” If they do not, the country could slip into a “long and painful recession,” he warned, adding: “Thousands of businesses could close. Millions of jobs could be lost.”

Read the full story here.

Peter Fray

Get your first 12 weeks of Crikey for $12.

Without subscribers, Crikey can’t do what it does. Fortunately, our support base is growing.

Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. We lift up the rocks that other news media largely ignore. Without your support, more of those rocks – and the secrets beneath them — will remain lodged in the dirt.

Join today and get your first 12 weeks of Crikey for just $12.

 

Peter Fray
Editor-in-chief of Crikey

JOIN NOW