Obama Blames GOP For Bad Economy

  • Playlist
  • Download
  • Embed
    Embed <iframe src="http://www.npr.org/player/embed/95204046/95204000" width="100%" height="290" frameborder="0" scrolling="no">
  • Transcript

Barack Obama was campaigning in Colorado Monday as the rescue plan collapsed in Congress. The Democratic presidential nominee called for both political parties to work together to reach a deal. But he also blamed the financial crisis on the Bush administration, Republican party and John McCain for pushing a culture of deregulation.


And in fact, this morning, Senator Obama did have something else to say about the financial crisis. This announced to a tweak, if you will, of the bailout legislation. Obama says he wants to add this to it. He wants to expand federal-deposit insurance for families and small businesses. Right now, as many people know, if you put money in the bank, the deposit is insured up to $100,000.

Obama wants to more than double that limit to 250,000 dollars, and he says in a statement, he'll offer that proposal to leaders and members of Congress today. And he, like Senator John McCain, called on them to pass a rescue package without delay.

It is not clear how many votes would be swayed by this proposal from Obama, nor is it clear how it would affect the larger bailout package, which has to do with buying assets from Wall Street, and does not deal directly with bank insurance. You may be wondering if the House's failure to pass that 700 billion-dollar bailout plan will be felt at the polls in November.

You can visit npr.org/map to see which House seats are the most vulnerable in the election coming up in November.

Copyright © 2008 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.



Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.