President Bush’s dramatic statement to the nation last night was aimed at persuading recalcitrant House Republicans to support the bailout bill. His bald statement that without immediate action by Congress, “America could slip into a financial panic, and a distressing scenario would unfold” was meant to create the political pressure to bring them into line.
Today, Obama and McCain will join key Congressional leaders at the White House to try and hammer out a deal. McCain in a bold but risky moved has pushed for postponing the first presidential debate on Friday until Congress reaches a deal. Obama has cleverly responded by saying the president should be able to multi-task. (Indeed, the events of the past week have shifted the presidential race in Obama’s favour in a potentially decisive way.)
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