Obama back `broad authority' on credit

CORAL GABLES, Fla. (AP) -- Democratic presidential nominee Barack Obama says he backs giving "broad authority" to the Treasury Department to deal with the burgeoning credit crisis, but says he's not spelling out details of his own plans to avoid roiling the markets.

Obama said at a Florida news conference that given the gravity of the situation, he will refrain for now from presenting a more detailed blueprint. He said any recovery plan should be guided by not rewarding reckless business leaders.

"What we have to do is make sure taxpayer money is not being used to bail out bad decisions," he said. He refused to put a pricetag on a bailout he could support, but said it would not bar him from pushing for middle-class tax cuts that have been central to his campaign.

"I think now more than ever we have to have the broad-based middle-class tax cuts," Obama said.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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