John McCain has had a few setbacks during the last few days--and it says something for his character that he plunged himself into the negotiations in getting a financial bailout bill passed. Barack Obama, for his part, has once again, voted "present."
Here's a transcript of McCain's comments:
John McCain: "I have talked to the President this morning and recommended an increase from $100,000 to $250,000 FDIC insurance on deposits. I also strongly recommended that we use the exchange stability fund that the Treasury has available -- $250 billion -- to shore up these institutions. Also, the Treasury has at its disposal about $1 trillion that they could begin without Congressional authority buying up some of these terrible mortgages and help stabilize the situation. So I've talked to the President. I know that we have to act. Even though we failed yesterday, even though I went back and was able to get more Republicans on board or help get more Republicans on board, we will go back to this, and I will be engaged always where I think America needs engagement."
"We're going to have to change enough Republican and Democrats' minds. It was 95 Democrats that voted against it. People's credit is at risk here -- the ability to buy a car, to make your home loan payments, for small businesses to get credit. Look, this is affecting Main Street America. And we're going to have to resolve it, and we're going to have to act. One point two trillion dollars of American savings, pensions, IRAs, mutual funds, investments, et cetera was wiped out, and that hurts Main Street. I've got a plan for cutting spending, for keeping taxes low, for making sure that people can stay in their homes, and a long-term plan. In the short-term, we've got to take these measures I just outlined to you, and let's go back, and let's make Americans understand who are opposed. I was watching your program earlier. How this affects not Wall Street, but Main Street and working families of America."
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