Obama urges officials to set aside partisan differences.
Patrick Marley
Issue date: 10/2/08 Section: Nation & World News
LA CROSSE, Wis. - Sen. Barack Obama, D-Ill., stressed the need to pass a banking rescue package Wednesday morning in his fifth visit to Wisconsin since sewing up the Democratic nomination.
"It is time for us to take some clear action," he told a crowd of more than 15,000 outside the La Crosse Center in a 35-minute speech.
"It is clear that this is what we have to do right now to prevent a crisis from turning into a catastrophe. ... There will be time to punish those who started this fire, but now is the time to put this fire out," he said.
Obama now heads to Washington to vote for the $700 billion banking bailout.
A similar measure failed 228-205 in the U.S. House on Monday. Senate leaders added tax breaks to the package in hopes enough House Republicans vote for a package that Obama and others say must pass promptly to prevent the banking crisis from spilling over into the rest of the economy.
Sen. John McCain, R-Ariz., also has been urging Congress to act. Both have said officials need to set aside partisan differences just five weeks before the Nov. 4 election to prop up the economy.
Obama blamed Republican trickle-down economic policies for the current situation.
"This financial crisis is the direct result of the greed and irresponsibility that has dominated Washington for years," he said. "This crisis is the final verdict on this failed philosophy."
Obama said he would make banks pay new fees to build up a reserve that can be tapped to prevent future financial crises so "taxpayers never again have to put their money on the line."
He also said he would put new rules in place "that will make sure Wall Street can never again get away with the stunts that caused this crisis."
The La Crosse Fire Department estimated that more than 15,000 people turned out for the rally.
"It is time for us to take some clear action," he told a crowd of more than 15,000 outside the La Crosse Center in a 35-minute speech.
"It is clear that this is what we have to do right now to prevent a crisis from turning into a catastrophe. ... There will be time to punish those who started this fire, but now is the time to put this fire out," he said.
Obama now heads to Washington to vote for the $700 billion banking bailout.
A similar measure failed 228-205 in the U.S. House on Monday. Senate leaders added tax breaks to the package in hopes enough House Republicans vote for a package that Obama and others say must pass promptly to prevent the banking crisis from spilling over into the rest of the economy.
Sen. John McCain, R-Ariz., also has been urging Congress to act. Both have said officials need to set aside partisan differences just five weeks before the Nov. 4 election to prop up the economy.
Obama blamed Republican trickle-down economic policies for the current situation.
"This financial crisis is the direct result of the greed and irresponsibility that has dominated Washington for years," he said. "This crisis is the final verdict on this failed philosophy."
Obama said he would make banks pay new fees to build up a reserve that can be tapped to prevent future financial crises so "taxpayers never again have to put their money on the line."
He also said he would put new rules in place "that will make sure Wall Street can never again get away with the stunts that caused this crisis."
The La Crosse Fire Department estimated that more than 15,000 people turned out for the rally.
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