Candidates Strive to Keep Pace on Bailout

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Republican John McCain and Democrat Barack Obama both expressed their concerns over the Bush administration's $700 billion bailout on Monday.

While campaigning in Scranton, Pa., McCain called for greater oversight of the Bush administration's proposed bailout, saying the plan crafted by Treasury Secretary Henry Paulson needed broader supervision.

"Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable," McCain said. "We will not solve a problem caused by poor oversight with a plan that has no oversight."

As a possible solution, McCain called for a bipartisan oversight board to supervise the proposed bailout. He suggested that person could be someone like Warren Buffet or another broadly respected business leader, like former Massachusetts Gov. Mitt Romney and New York City Mayor Michael Bloomberg. Both Romney and Bloomberg made enormous fortunes in business ventures before entering politics.

In Green Bay, Wis., on Monday, Obama also expressed caution over the cost of the program.

He said the $700 billion plan the Bush administration and congressional leaders are pushing is forcing everyone to look anew at federal spending.

"The only way we can do all this without leaving our children with an even larger debt is if Washington starts taking responsibility for every dime that it spends," Obama said.

Obama also said he would cut federal spending on contractors by 10 percent in an effort to restore the economy.

Source: The Associated Press, ABC News

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