Senators John McCain and Barack Obama are expected to back the $700 billion bailout of the financial institutions, according to the Associated Press.
Although the presidential race is in the home stretch the Senators must first serve their states; Arizona and Illinois respectively.
The Democratic nominee said, " reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets, but regardless of how we got here, a failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security.”
Meanwhile Republican hopeful said, "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."
The financial bailout proposed by Treasury Secretary Henry Paulson would give $700 billion to the government allowing them to buy defaulted mortgages and other distressed housing-related assets.
A vote is expected as early as Monday.
1 comment:
Definitely economy would be a significative element in these next days before the elections.
Post a Comment