McCain, Obama to vote on bail-out bill

October 1st, 2008 - 10:39 pm ICT by IANS  

Barack ObamaWashington, Oct 1 (Xinhua) US presidential candidates John McCain and Barack Obama will take part in the Senate’s vote on the $700-billion financial rescue plan Wednesday evening, aides to both senators said.Democrat Obama’s running mate and Delaware Senator Joe Biden will also cast his ballot in the vote that comes two days after the House of Representatives failed to pass.

Both Obama, a senator from Illinois, and his Republican rival McCain, who is a senator from Arizona, have urged lawmakers to revive talks on the bail-out bill to shore up financial institutions.

Both presidential hopefuls proposed for increasing federal bank deposit insurance from $100,000 to $250,000, which will be the new provision in the Senate’s version of the rescue plan.

It will also include a “Mental Health Parity” provision, which would require health insurance companies to cover mental illness at parity with physical illness.

The US House rejected the plan Monday, putting a roadblock in front of what would be the largest government intervention in financial markets since the Great Depression.

The economy has dominated the campaign trail this month, and both candidates have been trying to convince voters that they will do a better job of getting the financial crisis under control.

As McCain and Obama continue campaigning this week, their running mates are focused on their upcoming debate.

Alaska Governor Sarah Palin and Biden will face off Thursday in St. Louis, Missouri, in the only vice-presidential debate of the election season.

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