McCain and Obama both proposed to increase the Federal Deposit Insurance limit from $ 100,000 to $ 250,000.
Speaking in Reno, the Illinois Democrat also proposed a "tax stability" on all transactions on Wall Street to repay the government for losses caused by the federal takeover of bad assets. The fee would be set by the President and could become permanent, spokesman Bill Burton said.
Both candidates spoke to President Bush on Tuesday, the day after the U.S. House rejected a $ 700 billion plan to strengthen credit markets and stimulate the sagging financial institutions. They plan to be in Washington tonight when the Senate takes a new version of the plan.
McCain urged the Bush administration to take action on its own initiative. If credit markets freeze before Congress acts, Americans, university students for small-business owners will find it difficult to obtain loans to continue, McCain said at a round table business in Des Moines.
"We are in the greatest financial crisis of our life," the Arizona Republican said. "Inaction Congress has put all Americans and the whole economy at risk the most serious."
McCain said that the Treasury Department should use an already approved $ 1 billion fund to buy bad mortgages. He also said the Treasury should use its "exchange stabilization fund" to help ensure money market funds. The fund is an emergency reserve normally used to influence currency exchange rates.
On the trail, candidates said they did not want to assign blame for the financial crisis and urged bipartisan action. "It is time to punish those who set fire, but now is the time for us to meet and set on fire," said Obama.
But at the same time, campaigns and political parties released TV ads to determine guilt failing economy on the opposition.
An announcement of McCain cited a Washington Post editorial saying that Obama was "notably silent" when McCain calls for reform of Fannie Mae and Freddie Mac in 2006. The mortgage giants have been borne by the federal government on September 7.
A GOP announcement Tuesday said Obama wants "new taxes, new spending, new debts." Obama, in two minutes outlining his economic proposals announcement, said that people of less than $ 250,000 a year "will not see your taxes raised a penny." ( Finance Information City )
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