McCain says economy in crisis

September 22, 2008 11:35:13 AM PDT
Republican John McCain is calling for greater oversight of the Bush administration's proposed bailout of U.S. financial markets. In remarks in Scranton on Monday, McCain said the $700 billion plan being crafted by Treasury Secretary Henry Paulson needs broader supervision.

Though McCain praised Paulson, the GOP presidential hopeful called for a bipartisan oversight board to supervise the proposed bailout.

McCain says the goal of any action must be to allow homeowners to keep their homes and prevent Wall Street executives from profiting from the bailout.

McCain, who just a week ago said the economy was fundamentally sound, now says he believes the U.S. financial system is facing a major crisis.


Load Comments