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| | GEO World | | White House hopefuls reluctantly accept Wall Street bailout | Updated at: 2343 PST, Sunday, September 28, 2008
WASHINGTON: White House hopefuls John McCain and Barack Obama Sunday reluctantly agreed on one thing -- a Wall Street bailout plan was needed to save the US economy but it was a bitter pill to swallow.
Republican White House hopeful John McCain told ABC Sunday he hoped to be able to support the plan being finalized in Congress, which could be put to a vote on Monday.
"I'd like to see the details but hopefully yes and the outlines that I have read of it that this is something that all of us will swallow hard and go forward with. The option of doing nothing is simply not an acceptable option," McCain said.
Democrat Barack Obama said he thought he would also be able to back the legislation provided it contained some core principles including strong oversight, that taxpayers share in any future gains if the market recovers, relief for homeowners and no golden parachutes for company bosses.
"We should have never gotten into this place in the first place. And I think this is a final verdict on eight years of failed economic policy," Obama told CBS. "Ultimately, I believe that we have to get something done.
"And so if I feel that those are meaningful provisions that provide some constraints on how the treasury operates and this is not going to be welfare for Wall Street, then my inclination is to support it, because I think Main Street is now at stake."
McCain also said principles he had fought for had been met such as protecting the taxpayers, greater oversight and making sure "that there isn't excessive compensation for CEOs."
Asked why he had rushed back to Washington suspending his campaign to search for an accord on the deal, McCain said: "I came back because I wasn't going to phone it in. |  |
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