McCain says economic crisis worst since World War II

SCRANTON, Pa. (AP) -- John McCain is calling for greater oversight of the Bush administration's proposed financial-sector bailout.

The Republican presidential nominee says the massive 700-billion-dollar plan being crafted by Treasury Secretary Henry Paulson needs broader supervision.

Speaking to an Irish-American group in the battleground state of Pennsylvania, McCain said he's "deeply uncomfortable" about the bailout, because never before has "so much power and money been concentrated in the hands of one person."

But McCain also called on Congress to move quickly and work with the administration to restore financial stability.

Although he said a week ago that the economy was fundamentally sound, Monday he said he believes the U.S. financial system is facing a major crisis.

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

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