Kavi Nayar

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Obama and McCain argue that strategy to save emergency plan

The candidates for U.S. President Barack Obama and John McCain argued Tuesday that the same strategy to save the emergency plan to contain the financial crisis in the country – and that was rejected by the U.S. House on Monday. The Republican and Democrat proposed that the limit on deposit insurance for banks up to $ 100 thousand to $ 250 mil. The joint effort by the wave of rivals in the White House was announced just hours after the U.S. president, George W. Bush, have made new pronouncement to the nation – the four from the worsening crisis – on the morning of Tuesday.

After mutual accusations for the failure of relief package, the two candidates decided to join forces to achieve the approval of the plan of rescue of the financial sector between the U.S. Congress. Thus, McCain and Obama fly to Washington this Wednesday to attend the special session convened by the Senate to vote on the changes in the package of government – the White House says is vital to avoid a major economic crisis.

The two candidates called for Bush in the morning to discuss the crisis. Obama, the first call, argued that raising the limit to guarantee the deposits of $ 100 thousand to $ 250 thousand, encourage small businesses, make the banking system more secure and help restore public confidence in financial system . Obama also suggested improving the current package, rather than start from scratch:

– If we start from scratch or reopen negotiations about the core elements of the agreement, we will not have success.

Then, in a speech at the University of Nevada in Reno, the Democrats asked the American people to support initiatives to save the rescue plan. The applicant argued that if Wall Street collapse, the people will be affected. The Democrat warned that people will have much more difficulty to obtain financing to purchase a home, loan to pay for college or to buy a car.

The Republican John McCain made the same proposal to Bush and suggested that the Treasury uses resources which could have without the authorization of Congress to start buying soon rotten roles of banks. The agency that guarantees bank deposits, FDIC also proposed raising the limit of the guarantee, without specifying a value.

In Des Moines, the state of Iowa, said McCain believes that one reason why the Congress did not approve the package was because “he had not really noticed that people who are causing problems and being affected are the engine of our economy.

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