McCain: If Bailout Bill Fails the ‘Crisis’ Will Become a ‘Disaster’

By Lindsey Ellerson

Oct 1, 2008 12:06pm

ABC News’ Bret Hovell Reports: Republican presidential nominee John McCain projected confidence on the passage of the economic rescue bill Wednesday, saying Congress has “awakened to the danger,” in a speech at the Harry S. Truman Library in Independence, Missouri. But, the Arizona Senator predicted doom if the bill should fail.

“If the financial rescue bill fails in Congress yet again,” McCain said, “the present crisis will turn into a disaster.”

McCain listed an inability to get student loans, mortgages and car sales as some of the immediate effects of the credit crunch.

“If we fail to act, the gears of our economy will grind to a halt,” he added.

McCain largely left politics out of the speech – he didn’t mention the name of his Democratic rival, Senator Barack Obama. But, he did repeat a criticism – this time naming no one in particular – that he has in the past pinned to Obama directly.

“Of course, there are always some who think first of their own interests, who calculate their own advantage instead of rushing to the aid of their country,” McCain said.

He continued more hopefully: “But in the case of this bill, I am confident there are enough people of good will in both parties to help see America through this crisis. And when the last vote is cast, we can be grateful to all of them – Democrats and Republicans alike – for helping to solve the crisis instead of merely exploiting it.”

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