WISCONSINREPORT.COM (09/25/08) - The Republican and Democrat running against each other for President of the United States have decided to lend their input and guidance in the current national economy emergency Congress is wrestling with. Yesterday, U.S. Senators John McCain (R) and Barack Obama (D) issued a joint statement that pointed out that it's important for both parties to come together to solve the problem. Obama and McCain will both be meeting with President George W. Bush and leaders of Congress today in hopes of making a difference in the so-called 700 Billion Dollar Solution to save homes, jobs, and the ecomomy proponents say are at stake.
"The American people are facing a moment of economic crisis," the joint statement from the Barack Obama and John McCain declared.
"No matter how this began, we all have a responsibility to work through it and restore confidence in our economy, the joint statement continued.
"The jobs, savings, and prosperity of the American people are at stake," McCain and Obama declared in the statement.
"Now is a time to come together, Democrats and Republicans, in a spirit of cooperation for the sake of the American people," the Obama and McCain joint statement continued.
"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," that joint statement pointed out.
"This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe," according to Illinois Democratic United States Senator Barack Obama and Arizona Republican U.S. Senator John McCain.
"Now is our chance to come together to prove that Washington is once again capable of leading this country," the joint statement from McCain and Obama ended.
The meeting with President Bush and leaders of Congress in Washington D.C. today is scheduled for 3:00 PM Central Time (4:00 PM Eastern Time).
"The government's top economic experts warn that without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold," President George W. Bush said in a television speech delivered last night.
There has been growing disfavor among many Congressional Representatives and U.S. Senators on both sides of the political aisle regarding the 700 Billion Dollar Solution plan advocated by Treasury Secretary Henry Paulson. The President's speech was an attempt to show Congress and the American People that there is a sense of urgency concerning what may become a national catastrophy if the "Solution" is not authorized by Congress.
"More banks could fail, including some in your community," President Bush said.
"The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically," President Bush continued.
"And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs," said President Bush to the television camera.
"Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college," President Bush pointed out.
"And ultimately, our country could experience a long and painful recession," President Bush warned.
One of the issues that Congresional leaders and the Presidential Candidates have found unacceptable is the provision in the 3-page presentation from Paulson that there could be no review of the administration of the so-called "plan" and no overseeing of the administration of it. That may change by the time the dust settles on the details, among other topics concerning the proposal being discussed.