McCain, Obama advocate upping US deposit insurance

WASHINGTON (AP) -- John McCain and Barack Obama are sending the same message on at least two aspects of a federal rescue of the financial system. Both say Congress needs to redouble efforts to save the plan that the House rejected yesterday. And, they are both calling for raising federal deposit insurance from the current $100,000 to $250,000.

In an interview on CNN, McCain said the package should be called "a rescue," not "a bailout." The GOP presidential nominee says the situation is frightening Americans, and political leaders need to deliver both an immediate solution and a longer-term approach to the problem.

Obama issued a statement this morning saying lawmakers should not start from scratch on a new plan. On the issue of increasing federal deposit insurance, he said that would help small businesses, make the U.S. banking system more secure and restore public confidence in the nation's financial system.

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


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