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McCain Suspends Campaign; Working on Economy w/o Obama

Posted on 24 September 2008

Country First

MCCAIN: America this week faces an historic crisis in our financial system. We must pass legislation to address this crisis. If we do not, credit will dry up, with devastating consequences for our economy. People will no longer be able to buy homes and their life savings will be at stake. Businesses will not have enough money to pay their employees. If we do not act, ever corner of our country will be impacted. We cannot allow this to happen.

Last Friday, I laid out my proposal and I have since discussed my priorities and concerns with the bill the Administration has put forward. Senator Obama has expressed his priorities and concerns.This morning, I met with a group of economic advisers to talk about the proposal on the table and the steps that we should take going forward.I have also spoken with members of Congress to hear their perspective.

It has become clear that no consensus has developed to support the Administration’ proposal. I do not believe that the plan on the table will pass as it currently stands, and we are running out of time.

Tomorrow morning, I will suspend my campaign and return to Washington after speaking at the Clinton Global Initiative. I have spoken to Senator Obama and informed him of my decision and have asked him to join me.

I am calling on the President to convene a meeting with the leadership from both houses of Congress, including Senator Obama and myself. It is time for both parties to come together to solve this problem.

We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved.I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debate until we have taken action to address this crisis.

I am confident that before the markets open on Monday we can achieve consensus on legislation that will stabilize our financial markets, protect taxpayers and homeowners, and earn the confidence of the American people. All we must do to achieve this is temporarily set politics aside, and I am committed to doing so.

Following September 11th, our national leaders came together at a time of crisis. We must show that kind of patriotism now. Americans across our country lament the fact that partisan divisions in Washington have prevented us from addressing our national challenges. Now is our chance to come together to prove that Washington is once again capable of leading this country.

2 Comments For This Post

  1. Mike Allen says:

    My wife a democrat and myself a republican both think that McCain is doing the right thing by going back to Washington during this time of crisis and that Obama is doing his lip service to stay in the race.
    Obama says he is for the people but McCain is more for the peopel by puting his personal goals aside for now to try to help the people of America in a real time of crisis While Obama puts his personal goals first as he has always done in the past.

  2. Reporter says:

    I’m against the $85 BILLION bailout of AIG. Instead, I’m in favor of giving $85,000,000,000 to America in a “We Deserve It” dividend. To make the math simple, let’s assume there are 200,000,000 bona fide U.S. citizens, aged 18+.
    Our population is about 301 million counting every man, woman and child. So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide 200 million, 18+ adults into $85 billion – that equals $425,000.00 each! Yes, my plan is to give that $425,000 to every adult as a “We Deserve It” dividend.

    Of course, it would NOT be tax free. So, let’s assume a tax rate of 30%. Everyone would pay $127,500.00 in taxes. That sends $25.5 billion right back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their pocket. A husband and wife would have $595,000.00!

    What would you do with $297,500.00 to $595,000.00?
    • Pay off your mortgage – housing crisis solved.
    • Repay college loans – what a great boost to new grads.
    • Put away money for college – it’ll really be there.
    • Save in a bank – create money to loan to entrepreneurs.
    • Buy a new car – create jobs .
    • Invest in the market – capital drives growth.
    • Pay for your parent’s medical insurance – health care improves.
    • Enable deadbeat parents to come clean – or else.
    Remember this is for every adult U.S. citizen, 18 and older (including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back) and of course, for those serving in our Armed Forces.

    If we’re going to re-distribute wealth let’s really do it! Instead of trickling out a puny $1,000.00 “economic incentive”.

    If we’re going to do an $85 billion bailout, let’s bail out every adult U.S. citizen!

    As for AIG – liquidate it.
    • Sell off its parts.
    • Let American General go back to being American General.
    • Sell off the real estate.
    • Let the private sector bargain hunters cut it up and clean it up.
    We deserve the money and AIG doesn’t. Sure it’s a crazy idea, but can you imagine the coast-to-coast block party?!

    How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t d-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use the $85 Billion “We Deserve It” dividend more than do the ‘geniuses’ at AIG or in Washington, D.C..

    And remember, my plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam. Good idea? I think so.

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