McCain urges Bush to bypass Congress
Wed, 01 Oct 2008 14:26:35 GMT
Senator John McCain has urged the Bush administration to bypass Congress and spend a whopping one trillion dollars on bad mortgages.
In three interviews on Tuesday, the Republican presidential nominee called on the US Treasury Department to address the economic crisis independently and without congressional approval.
The House of Representatives on Monday rejected a $700-billion White House plan allegedly directed at reviving the US economy, raising the drama on Wall Street and Capitol Hill.
President George W. Bush was 'very disappointed' over his failure to ease anxiety over mounting losses tied to toxic assets.
Republican and Democratic presidential candidates Senators John McCain and Barack Obama accused each other of causing a partisan rancor that led to the House rejection of the proposed financial bailout plan.
In a Tuesday interview with CNN, Senator McCain said another reason the plan failed to gain approval was that the nation remains skeptical about White House intentions.
"We haven't convinced people that this is a rescue effort not just for Wall Street but for Main Street America," he explained on his campaign trail in Des Moines, Iowa.
He then proposed that President Bush exercise his executive privileges and unilaterally spend $1 trillion to purchase home mortgages.
"The Treasury has the ability to buy up a trillion dollars worth of mortgages. We should move forward on that," McCain said.
The 72-year-old senator, who suspended his campaign last week to insert himself into the bailout plan, has tied himself far more tightly to the bill than his Democratic rival, Barack Obama.
With his latest remarks, McCain seeks to maneuver himself out of a political dead end, which he was forced into with the failure of the bailout plan.