The Bush administration this morning formally asked Congress to grant sweeping new powers to the Treasury secretary to buy as much as $700 billion in nearly worthless mortgage-related assets as part of a herculean effort to clean up Wall Street's financial crisis.
A draft of the plan was delivered to Congress early today and lawmakers will spend the weekend poring through it. As written, the bill would require the Treasury secretary to put equal weight on the welfare of the taxpayer as well as Wall Street in using the extraordinary authority. The new powers would expire after two years.
McCain wants a federal regulator, while Obama praises the Bush administration's plan, and insults are flying back and forth:
"People like Sen. Obama have been too busy gaming the system and haven't ever done a thing to actually challenge the system," McCain told a business group in Green Bay, pointing out that Obama had taken advice from two former executives of collapsed mortgage giant Fannie Mae.
Obama, who endorsed the rescue package announced Friday by the Bush administration, in turn chided McCain for being hypocritical. Obama supporters pointed out that several McCain advisors have worked on behalf of Fannie, including McCain's campaign manager, who defended the company against increased regulation as president of the industry group Homeownership Alliance.
"At this point, he seems to be willing to say anything, or do anything, or change any position, or violate any principle to try and win this election," Obama said while campaigning in Florida.
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