McCain, Obama express cautious support for Wall Street bailout

Washington, Sept.29 : Presidential candidates - Barack Obama and John McCain have both expressed cautious support for the 700 billion dollar bail out to end the meltdown on Wall Street.

McCain told ABC's "This Week" program that he will "swallow hard and go forward" with the plan, adding "the option of doing nothing is simply not an acceptable option."

Obama called the need for a bailout "the culmination of a sorry period in our history, in which reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets."

Obama said that as president he would order a review of the bailout plan to ensure it meets the principles he sought, including strict oversight and limits on executive pay. But he said a failure to approve the proposal would have "devastating consequences" for the U.S. economy.

"When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration, but this step is necessary," said Obama.

Campaigning in Detroit, Obama continued to attack McCain, saying the Republican's backing of deregulation laws helped cause the economic crisis.

"You can't make up for 26 years in 26 days," Obama told a crowd of more than 15,000 at a rally in downtown Detroit.

A McCain spokesman responded that Obama had "ignored his record of opposing middle-class tax relief" during the rally.

"Barack Obama voted 94 times in just three years for higher taxes," said spokesman Tucker Bounds.

ANI