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McCain Urges Congress to Immediately Address Financial Crisis

Republican presidential candidate John McCain is urging members of Congress to put partisanship aside and immediately hammer out a financial bailout plan to rescue the ailing economy.

Speaking on the campaign trail from the midwestern U.S. state of Iowa, McCain said that he had hoped the $700 billion compromise plan would have garnered enough support to pass Monday. But the House of Representatives rejected the proposal then adjourned until Thursday.

Senator McCain said he has spoken with U.S. Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and congressional leaders about the growing financial crisis.

Earlier, Democratic presidential candidate Barack Obama said he believes Congress will eventually pass a financial bailout plan.

Speaking from Colorado, Senator Obama blamed the economic troubles on what he called an irresponsible philosophy that has given more wealth to the rich in the hopes that prosperity would trickle down to the poor.

He accused McCain of following the Bush administration's philosophy by calling for less economic regulation.

In an apparent response, McCain accused his political rival of infusing unnecessary partisanship into the situation. He added that now is the time to fix the problem, not to assign blame.

Voters go to the polls November fourth to pick the successor for President George Bush, who leaves office in January after two terms. Most polls show Obama with a slight lead in the race for the White House.