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US bailout plan: Bush confident of a solution

CNN-IBN
Sep 27, 2008 at 12:50am IST

New Delhi: While Wall Street burns, Americans looked upon their leaders to save the country's financial system.

But after six days of intensive talks, the $700 billion bailout debate is still caught in politics and Washington Mutual's assets sold to JP Morgan Chase in America's biggest bank failure in history.

US Republican Presidential nominee, John McCain, in Washington after cutting short his election campaign, has proposed a revised package. He wants to spare tax payers and fund Wall Street's recovery by injecting private capital.

McCain says that easing tax laws would prompt investors to put in their own dollars.

"It is a plan again that does not require $700 billion of taxpayer dollars to go in and bail out Wall Street. It is a plan that allows for the taxpayers who did nothing wrong to be able to continue to look to their retirements, to look to their college savings plan without having to pay this tremendous price to effect this recovery," Republican Eric Cantor of Virginia said.

Meanwhile, the US Presidential debate is in limbo as McCain's attendance is in doubt.

Speaking on controveries surrounding the US bailout plan in the Congress, President Bush remains confident that a solution is around the corner.

"There are disaggreements about the aspects of the plan, but there are no disagreements that somethng substantial must be done. We are going to get the packages passed from the legislative. We will rise to the situation and pass a substantial rescue plan," Bush said on Friday.

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