Candidates, Bush urge reviving bailout

WASHINGTON – John McCain and Barack Obama urged Congress yesterday to redouble efforts to save a financial system bailout and proposed increasing federal deposit insurance to $250 000 as part of it.

President Bush warned that failure to move now would inflict “painful and lasting damage” to the economy. “Congress must act,” Bush demanded in brief comments at the White House.He said his administration would work with congressional leaders to get the defeated $700 billion relief package back on track.The House voted 228-205 on Monday against the bill designed to rescue the nation’s financial system.That triggered the biggest one-day sell-off on Wall Street since the 2001 attacks, as the Dow Jones industrial plummeted by 778 points.Both McCain and Obama, in advance of Bush’s brief talk at the White House, called on lawmakers in their parties to stay at work until an acceptable plan is assembled.Bush noted that the maximum $700 billion in the proposed bailout was huge, but was dwarfed by the $1 trillion in lost wealth that resulted from Monday’s stock-market plunge.He also said the actual cost to the taxpayers should be much less ultimately, arguing that once markets recover, assets likely will gain value over time.Nampa-AP”Congress must act,” Bush demanded in brief comments at the White House.He said his administration would work with congressional leaders to get the defeated $700 billion relief package back on track.The House voted 228-205 on Monday against the bill designed to rescue the nation’s financial system.That triggered the biggest one-day sell-off on Wall Street since the 2001 attacks, as the Dow Jones industrial plummeted by 778 points.Both McCain and Obama, in advance of Bush’s brief talk at the White House, called on lawmakers in their parties to stay at work until an acceptable plan is assembled.Bush noted that the maximum $700 billion in the proposed bailout was huge, but was dwarfed by the $1 trillion in lost wealth that resulted from Monday’s stock-market plunge.He also said the actual cost to the taxpayers should be much less ultimately, arguing that once markets recover, assets likely will gain value over time.Nampa-AP