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John McCain is returning to Washington today
following his speech this morning at the Clinton Global Initiative
in New York. McCain said "doing nothing" about the financial
crisis isn't an option.


      McCain will join Barack Obama at the White House today in an
effort to help work out an agreement on a bailout plan.


      President Bush invited Obama to participate after McCain came up
with the idea yesterday.


      In a televised address last night, Bush warned that the "entire
economy is in danger" if a $700 billion  plan to rescue shaky
financial firms isn't approved quickly.


      He warned that failure to act could result in wiped-out
retirement savings, rising home foreclosures, lost jobs and closed
businesses. He also said there could be "financial panic" if the
crisis isn't solved.

Senior lawmakers and Bush administration
officials are moving closer to a deal of unprecedented magnitude
for the financial markets.


      Major elements are still being discussed, including how to phase
in the high cost, a measure demanded by Democrats and some
Republicans who want stronger congressional control over the
bailout. A plan to let the government take an ownership stake in
companies it rescues is also under negotiation.


      But the White House has agreed to include widely supported
limits on pay packages for executives whose companies benefit from
the package.


      Top Democrats hope a bipartisan compromise will pass within
days.

Gallery

A bad day for the GOP on politics, bailout plan

Effects of bailout proposal on homeowners still unclear

Bernanke: Fed will 'act as needed' to help

Ellison and Bachmann unsatisfied with bailout

Business and Economic News

Politics and Government News

In a televised address last night, Bush warned that the "entire economy is in danger" if a $700 billion plan to rescue shaky financial firms isn't approved quickly.

Obama, McCain to attend White House meeting

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