Bush to meet Obama, McCain to discuss bailout plan
Last Updated: Thursday, September 25, 2008 | 9:34 AM ET
CBC News
U.S. President George W. Bush is set to meet with presidential candidates Barack Obama and John McCain on Thursday morning to discuss an expected $700-billion bailout plan for Wall Street.
Bush called for the meeting in a nationally televised speech Wednesday night where he warned that Washington's failure to pass the plan could cause "a long and painful recession."
"There is no question there are a lot of people who are opposed to aspects of it but it's hard to find anybody who is prepared to vote directly down against the package itself," said the CBC's Henry Champ from Washington, D.C., Thursday morning.
"So this meeting ought to be the kind of dam breaker that is necessary."
The plan has met with opposition from Republican and Democrat congressional leaders, as well as their constituents, over its high price tag. Many congressional leaders have also called for government oversight of the distribution of the package.
But the administration has cleared a major sticking point by agreeing to limit pay packages to the executives of the failing companies.
Among the issues still to be worked out is how to phase in the cost of the plan, the implementation of which the future president will have to oversee after he is elected on Nov. 4.
But some lawmakers on Capitol Hill, including Senate majority leader Harry Reid, have said it isn't necessary for Democratic candidate Obama and Republican nominee McCain to get involved in the negotiations, reported Champ.
"It must be pointed out that neither Obama or McCain are on any of the relevant committees that would be dealing with this," said Champ.
Both Obama and McCain agreed Wednesday to attend the meeting and in a joint statement called for a bipartisan approach in the crisis.
"This is a time to rise above politics for the good of the country," said the statement.
"We cannot risk an economic catastrophe. Now is our chance to come together to prove that Washington is once again capable of leading this country."
