Both candidates, who met
with President Bush Tuesday morning, are urging that the FDIC insurance limit of $100,000, which was set 28 years ago and has not been adjusted for inflation, be
increased to $250,000. On his campaign Web site,
Obama said, " I am proposing that we also raise the FDIC limit to $250,000 as part
of the economic rescue package -- a step that would boost small
businesses, make our banking system more secure, and help restore
public confidence in our financial system."
McCain issued this statement on his campaign Web site:
"I
have talked to the President this morning and recommended an increase
from $100,000 to $250,000 FDIC insurance on deposits. I also strongly
recommended that we use the exchange stability fund that the Treasury
has available -- $250 billion -- to shore up these institutions."
This isn't the only issue both candidates agree on. Shareholder activist
Carl Icahn points out in his blog, The Icahn Report: "John McCain and Barack Obama finally agree on something: corporate accountability."
And while the term bailout may be too harsh for McCain, calling the bill a "rescue" in an appearance on CNN's "American
Morning," both he and Obama agree something must be done now.
Obama said of the
bailout talks,"Right now Democratic and Republican leaders have agreed, but members
have not yet agreed. There's going to be some bumps and trials and
tribulations and ups and downs before we get this rescue package done."
Jim Tankersley of
The Swamp points out that
at least 10 House
members who opposed the bailout on Monday endorsed McCain and Obama
this time last year. He also suggests that if the men really want to
get the vote passed they can call some old friends. McCain supporters that
voted "nay," include: three of his home-state congressmen and a pair
from
Illinois (Reps. Peter Roskam and John Shimkus). Obama's include three
from his home state: Illinois Reps. Bobby Rush, Jesse Jackson Jr. and
Jerry Costello.
Politico argues that the
failed bailout
undermines the influence
extended by both candidates, but in particular McCain,
who "suspended" his campaign for a day last week to help Washington
work on the federal bailout talks. Still, it's a failure for both
candidates.
- Maria Woehr
With their political fortunes now linked to the success or failure of the economy, presidential candidates Barack Obama and John McCain are publicly urging lawmakers Tuesday to return to the table to work on a financial rescue deal together. 
