McCain calls revamped bailout bill an improvement

By JERUSALEM POST STAFF
Republican presidential candidate John McCain said Wednesday that the resurrected financial bailout bill is not perfect, but warned that the nation's financial crisis will become a full-fledged disaster if the plan fails. In an economic speech Wednesday at the Truman Library and Museum, McCain said the original proposal that failed in the House was flawed because it did not contain taxpayer protections, limitations on executive compensation and sufficient protections for people's bank accounts. "I am pleased that these are being added to improve the original bill," he said. If the revised version, up for a vote in the Senate later Wednesday, were to fail, students won't be able to get college loans and families will have trouble buying new homes, he said. Car sales will take a hit, and businesses will have difficulty paying employees and securing credit for operations, he said.