In light of the failure of the bailout bill to pass the House, McCain needs to come out forcefully on this issue. He really needs to make this issue his — not just for his campaign but because his failure to act could be disastrous. We already saw that the failure of the bailout caused the Dow to fall more than 700 points. Clearly something most be done. So I propose that McCain make the following statement:
My friends, we face on of the biggest economic crises in our country’s history. I suspended my campaign last week to go back to Washington to try and facilitate a deal. I believed that both parties had worked together to come up with a solution that was at least palatable to both sides. The House GOP was successful in stripping the proposed bill of unnecessary pork and adding greater oversight and protections for the taxpayer. Unfortunately, in part as a result of action taken by the Speaker immediately preceding the vote, it failed. We are now at a crossroads. The Democratic House can pass a bill without the support of the House GOP. Now that the bill has failed, I am gravely concerned that the concessions we fought so hard for may be stripped from the bill and passed along party lines. We cannot let that happen. The American people demand better and they demand bi-partisan efforts in this crisis. As a result, I propose that both sides put aside their partisanship and reluctantly vote for this bill. It is not a panacea and it is not perfect but our failure to act will be catastrophic. I am prepared to do whatever is necessary so that a bill is passed with the support of both parties.