$700bn US bail-out package 'agreed by congress'
Barack Obama and John McCain joined forces to apparently help force through the $700bn rescue package
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Thursday, 25, Sep 2008 08:15
A $700 billion bail-out for the United States economy is edging closer to being agreed, according to reports.
A dual-party agreement between the Democrats and the Republicans seems to be close after sources within Congress suggested the work of the parties' respective presidential nominees, Barack Obama and John McCain, has succeeded in encouraging representatives to vote in favour of the plan.
Mr Obama and Mr McCain both headed back to Washington earlier today to reinforce the White House's $700 billion financial rescue package.
The Republican nominee suspended his ongoing campaign, vowing not to resume until "this crisis was resolved".
Illinois senator and Democrat nominee Mr Obama questioned the judgment of Mr McCain's move and rejected his request for the first of three presidential debates scheduled for this Friday to be postponed.
However, he has agreed to travel to the White House with the Arizona senator to help the Bush administration's Wall Street bailout measures, which are being treated with immense scepticism on Capitol Hill and the American public.
Yesterday George Bush warned the US economy was in danger of "grinding to a halt" unless the package was approved.
Both Mr Obama and Mr McCain say the president's plan is "flawed".
But in a joint statement they expressed willingness to help reshape it so it can be passed through Congress.
"The American people are facing a moment of economic crisis. No matter how this began, we all have a responsibility to work through it and restore confidence in our economy. The jobs, savings, and prosperity of the American people are at stake," the senators said.
"Now is a time to come together - Democrats and Republicans - in a spirit of cooperation for the sake of the American people. The plan that has been submitted to Congress by the Bush administration is flawed, but the effort to protect the American economy must not fail.
"This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country."
Mr McCain's shock move to suspend his campaign – amounting to TV advertising being pulled and fundraising halted – has seen Mr Obama extend his lead in the polls by one point to five.
It is unclear whether their televised debate scheduled for this Friday in Oxford, Mississippi, will go ahead.