Obama, McCain support bailout

WASHINGTON " Sens. John McCain and Barack Obama expressed cautious support for a $700 billion bailout of the nation's biggest financial institutions, though both reserved the right to change their minds after they have reviewed details of the hastily arranged deal.

The candidates made their comments Sunday as both prepared to return to the campaign trail after an odd week in which electioneering was interrupted by the economic crisis, McCain's brief pledge to suspend his campaign, and the first debate between the two candidates.

Both camps now turn their attention to Thursday's debate between the vice presidential candidates, Alaska Gov. Sarah Palin and Sen. Joe Biden, D-Del., which is sure to draw intense interest because of Palin, whose limited exposure to tough questions has been criticized by opponents and supporters alike.

McCain's campaign announced that Palin will step off the trail entirely Tuesday and Wednesday as she prepares for her first major unscripted event of the campaign, which follows an interview last week with CBS News's Katie Couric that was widely panned.

On the economic bailout, McCain said in an interview on ABC's "This Week" that he will "swallow hard and go forward" with the plan, adding that it is time to "get this deal off the table, let's get this to the president."

McCain, who rushed back to Washington last week to help Congress reach a deal, said Sunday that "the option of doing nothing is simply not an acceptable option."

Obama called the need for a bailout "the culmination of a sorry period in our history, in which reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets."

Obama said that as president he would order a review of the bailout plan to make sure it meets the principles he sought, including strict oversight and limits on executive pay. But he said a failure to approve it would have "devastating consequences" for the U.S. economy.

"When taxpayers are asked to take such an extraordinary step because of the irresponsibility of a relative few, it is not a cause for celebration," Obama said. "But this step is necessary."

The campaigns continued to squabble over the extraordinary scene of last week's White House meeting on the economy and the sometimes angry negotiations over the bailout package, which culminated in a deal early Sunday morning.

McCain explained on ABC that he "came back because I didn't want to phone it in. I won't claim a bit of credit if that makes them feel better."

But Democrats noted that McCain spent very little time on Capitol Hill talking directly with lawmakers, instead preferring to work the phones from his Crystal City, Va., headquarters.

And an Obama spokesman sent out e-mails to reporters reminding them that while lawmakers and congressional staff members worked into Saturday night to hammer out the deal, McCain was at CityZen, one of Washington's priciest restaurants.

"After taking 22 hours to get from New York to Washington to pull a pointless political stunt, McCain spent yesterday working the phones " from his campaign headquarters across the river from the Capitol," said Damien LaVera, a spokesman for the Democratic National Committee.