Economy a Pressing Concern

It was another boiling day on Wall Street. With the promising $700-billion bailout rejected by Congress, the economic crisis is reaching its "heavy toll." Early this morning President Bush tried to persuade reluctant members of Congress that the measure “addresses the root cause of the financial crisis.” However, the final vote was “205 in favor and 228 against,” with only “one-third of House Republicans” supporting the bill. Adding to Wall Street’s woes, the Doe Jones Industrial Average went down by 778 points, and Wachovia Corp. "slid" by 82 percent after it was sold to Citigroup in a “deal brokered by the Federal Insurance Corporation.”
In the background of the crisis, presidential candidates Senator John McCain and Senator Barack Obama clashed on each other’s support of the bailout. McCain stated that he worked stealthily in “playing a constructive role in bringing everyone to the table,” while Obama “urged voters to consider McCain’s record of favoring deregulation” when choosing the best leader for the country.
During the first presidential debate last Friday, both candidates demonstrated their differences in economic approaches, with McCain stating that he would “cut spending” and “keep taxes low,” and Obama promising to introduce “energy independence” and not give tax cuts to big businesses. However, the candidates did not directly respond to what they would have to “give up for the rescue plan,” with McCain vaguely mentioning a “spending freeze.”
More talk about the economic crisis is sure to come back on Thursday, during the vice-presidential debate, but the picture does not seem like it will become clearer.