McCain, Obama tentatively support bailout plan

Sun Sep 28, 2008 2:41pm EDT
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By Caren Bohan and Jeff Mason

WASHINGTON (Reuters) - Republican John McCain and Democrat Barack Obama on Sunday tentatively supported the $700 billion plan to bail out the U.S. financial system.

"This is something that all of us will swallow hard and go forward with," McCain said on ABC's "This Week." "The option of doing nothing is simply not an acceptable option."

"My inclination is to support it," said Obama, his Democratic rival in the November 4 U.S. presidential election.

"While I look forward to reviewing the language of the legislation, it appears that the tentative deal embraces these principles" the Illinois senator said on CBS' "Face the Nation," referring to requirements he said needed to be in the package.

Congressional negotiators announced early on Sunday they had reached tentative agreement on a compromise deal that altered key parts of a Wall Street bailout program initially proposed by the Bush administration.

Both candidates refused to be pinned down on the economic plan during their first presidential debate on Friday. By Sunday, with a tentative deal in place, each gave general support with comments that the taxpayers had to be protected.

Later at a rally in Detroit, Obama called the bailout an "outrage." "But we have no choice," he said in prepared remarks. "We must act now. Because now that we're in this situation, your jobs, your life savings and the stability of our entire economy are at risk."

Supporters tried to play up their candidate's roles.   Continued...