Presidential candidates John McCain and Barack Obama said Tuesday the federal deposit insurance limit should be raised from $100,000 to $250,000. Both candidates view the action as a way to help prop up the struggling U.S. economy.
In separate statements, Republican McCain and Democrat Obama said that congressional lawmakers must try again to pass a plan to save the sputtering economy.
On Monday, the House failed to pass the Bush Administration's $700 billion plan in a 228-205 vote. The vote created the largest Wall Street sell-off since the Sept. 11, 2001 terror attacks on New York City and Washington, D.C.
McCain: Call It a Rescue
The plan had bipartisan support. However, polls showed the American public's disapproval of the rescue blueprint.
"We haven't convinced people that this is a rescue effort, not just for Wall Street but for Main Street America, for working families, for small businesses, the heartland of America - all over America," McCain told CNN. "We didn't do a good enough job."
"By the way, the first thing I'd do is say, 'Let's not call it a bailout. Let's call it a rescue.' Because it is a rescue. It's a rescue of Main Street America," McCain said.
Obama: Don't Start Over
Meanwhile, Obama said Congress should not start over on what he called "the economic rescue plan."
"Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement. But in order to pass this plan, we must do more," he said.
As lawmakers consider what to do next, Obama said American jobs, retirement savings and economic security are up in the air.
"While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families," he said.
Source: The Associated Press