John McCain warned Wednesday that if a financial bailout package doesn’t pass “our economy will grind to a halt.”
“If the financial rescue bill fails in Congress yet again, the present crisis will turn into a disaster. As credit disappears, students will no longer be able to get loans for college, and families looking for a new home will be unable to get a loan,” McCain said during a speech in Missouri, according to prepared remarks.
“New car sales will come to a halt. Businesses will have difficulty securing credit for operations and may be unable to pay employees. If we fail to act, the gears of our economy will grind to a halt.”
The Arizona senator is returning to Washington in order to vote on the Senate bailout package tonight.
McCain expressed optimism for the bill’s prospects and called attention to his role in the negotiations, though he did not take credit for the deal after taking heat from the Obama campaign for having “bragged” about his role ahead of Monday’s failed vote.
“The original proposal was flawed. I urged additions of taxpayer protections, stronger oversight, limitations on executive compensation and more protections for people’s bank accounts. I am pleased that these are being added to improve the original bill,” McCain said.
“It took Congress a while, and there were costs to these delays. But they have awakened to the danger. And today, with the unity that this crisis demands, Congress will once again work to restore confidence and stability to the American economy.”
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McCain: Economy could ‘grind to a halt’
By ANDY BARR | 10/1/08 11:30 AM EDT
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