Obama, McCain to attend White House meeting
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John McCain is returning to Washington today following his speech this morning at the Clinton Global Initiative in New York. McCain said "doing nothing" about the financial crisis isn't an option.
McCain will join Barack Obama at the White House today in an effort to help work out an agreement on a bailout plan.
President Bush invited Obama to participate after McCain came up with the idea yesterday.
In a televised address last night, Bush warned that the "entire economy is in danger" if a $700 billion plan to rescue shaky financial firms isn't approved quickly.
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He warned that failure to act could result in wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses. He also said there could be "financial panic" if the crisis isn't solved.
Senior lawmakers and Bush administration officials are moving closer to a deal of unprecedented magnitude for the financial markets.
Major elements are still being discussed, including how to phase in the high cost, a measure demanded by Democrats and some Republicans who want stronger congressional control over the bailout. A plan to let the government take an ownership stake in companies it rescues is also under negotiation.
But the White House has agreed to include widely supported limits on pay packages for executives whose companies benefit from the package.
Top Democrats hope a bipartisan compromise will pass within days.
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(Copyright 2008 by The Associated Press. All Rights Reserved.)
