Wednesday, October 1, 2008
McCain warns that a full-fledged financial disaster could occur if new bailout bill fails
By MIKE GLOVER Associated Press Writer | AP
Oct 1, 2008
Republican presidential candidate John McCain said Wednesday the resurrected financial bailout bill isn't perfect but warned that the nation's financial crisis will become a full-fledged disaster if the plan fails.
In an economic speech Wednesday at the Truman Library and Museum, McCain said the original proposal that failed in the House was flawed because it did not contain taxpayer protections, limitations on executive compensation and sufficient protections for people's bank accounts.
"I am pleased that these are being added to improve the original bill," he said.
If the revised version, up for a vote in the Senate later Wednesday, were to fail, students won't be able to get college loans and families will have trouble buying new homes, he said. Car sales will take a hit and businesses will have difficulty paying employees and securing credit for operations, he said.
"If we fail to act, the gears of our economy will grind to a halt," McCain said.
McCain planned to return to Washington to vote on the bill, which adds substantial tax cuts meant to appeal to Republicans when it reaches the House. The modest changes include an increase on Federal Deposit Insurance Corp. caps for bank accounts from a limit of $100,000 to $250,000.
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