McCain, Obama call Bush on bailout plan - Spokane, North Idaho News & Weather KHQ.com

McCain, Obama call Bush on bailout plan

WASHINGTON. - The White House says both Barack Obama and John McCain have called President Bush this morning to discuss what to do next to save the financial system.

A Bush spokesman says both candidates offered ideas on what to do, and reaffirmed that the crisis needs to be addressed. Spokesman Tony Fratto describes the calls as "very constructive."

McCain and Obama each publicly proposed today that the government insure the bank deposits of consumers for up to $250,000, instead of the current $100,000 federal limit.

In separate statements, each candidate avoided using the term "bailout," and said Congress needs to make another attempt to pass an economic "rescue" plan.

McCain told CNN this morning that Americans need to be convinced that it's not just a Wall Street rescue, but also a rescue for working families, small businesses and "the heartland of America."

Obama's statement said Congress shouldn't start over, but should work with the plan that was voted down yesterday. But he said, "in order to pass this plan, we must do more."

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