Americans split over feasibility of financial bailout plan

Washington, Oct 2 : Americans fear that the current financial crisis has far-reaching effects for the nation as a whole, and are split over whether the current bailout plan is the answer.

Meanwhile, the approval ratings for both President George W. Bush and Congress have plummeted to historic lows, according to a new CBS News poll.

Americans overwhelmingly see the financial crisis as hurting everyone, with 92 percent saying it hurts the nation as a whole. Just 39 percent, however, say the bailout would help everyone, while more than half of those surveyed think it would help only Wall Street.

Americans are cautious about any rush to pass legislation to deal with the economic crisis. Fifty-five percent say they are concerned that Congress will act too quickly, while 40 percent say they are concerned Congress won't act soon enough.

More than half say they prefer that Congress take longer than a few days to work out a plan. But desire for Congress to act may be growing: People interviewed in the last two days, after the stock market's drop Monday, were slightly less patient than those interviewed last weekend.

Respondents are split over whether the government, in principle, should provide money to financial institutions.

Forty-three percent say it should do so, while the same percentage says it should not. A slightly higher percentage, 60 percent, says the government should provide help to struggling homeowners; 35 percent say it should not.

And 53 percent say they believe the bailout bill would be a burden on taxpayers, while just 34 percent said it would stop a collapse of the US economy.

When it comes to the presidential election, neither candidate wins majority approval for their role in this crisis. But more see Barack Obama as having a plan, and he gets better marks than John McCain.

ANI