Obama says he is inclined to support bailout

September 28, 2008 12:00:00 AM PDT
Democratic presidential nominee Barack Obama said Sunday his Republican rival deserves no credit for helping to forge a tentative agreement on the $700 billion bailout of Wall Street. Instead, Obama said he deserves credit for making sure the proposal includes safeguards for taxpayers. Obama said he is inclined to support the bailout because it includes increased oversight, relief for homeowners facing foreclosure and limits on executive compensation for chief executives of firms that receive government help.

"None of those were in the president's provisions. They are identical to the things I called for the day that (Treasury) Secretary (Henry) Paulson released his package," Obama said.

"That I think is an indication of the degree to which when it comes to protecting taxpayers, I was pushing very hard and involved in shaping those provisions."

The safeguards were supported by many in Congress, including Democrats and Republicans.

Republican presidential nominee John McCain announced last week that he was suspending his campaign to focus on the crisis.

Asked during an interview on CBS' "Face the Nation" whether McCain deserved credit for bringing lawmakers together, Obama said "no."

"Here are the facts: For two weeks I was on the phone everyday with (Treasury) Secretary (Henry) Paulson and the congressional leaders making sure that the principles that have been ultimately adopted were incorporated in the bill."

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On the Net:

McCain: http://www.johnmccain.com
Obama: http://www.barackobama.com


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