Obama: ‘Partisan wrangling’ could hurt rescue effort

Democratic presidential nominee Barack Obama on Friday said he would not issue his own detailed plan to fix the financial markets and would defer to a bipartisan effort from the Bush administration and Congress. 

The Illinois senator told reporters that he is not interested “in scoring political points” as the economy is in turmoil.

{mosads}“Given the gravity of this situation, and based on conversations I have had with both [Treasure Secretary Henry Paulson] and [Federal Reserve Chairman Ben Bernanke], I will refrain from presenting a more detailed blueprint of how an immediate plan might be structured until I can fully review the details of the plan proposed by the Treasury and the Federal Reserve,” Obama said. “It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand.”

Obama sought to assure the country that the economy can overcome the crisis.

“This isn’t a time for fear or panic,” he stated. “This is a time for resolve and for leadership. I know we can steer ourselves out of this crisis.”

The Democratic nominee said the trouble of the financial markets is one of the worst economic problems in U.S. history.

“Our government and the Federal Reserve have already taken unprecedented action to prevent a deepening of this crisis that could jeopardize the life savings and well-being of millions of Americans,” he stated. “But it is now clear that even bolder and more decisive action is necessary.”

Following an emergency measure to deal with the crisis, Obama said it is key that any efforts taken do not just help Wall Street but also ordinary Americans.

“In the same bipartisan spirit that is being shown with regard to the crisis on Wall Street, I ask Sen. McCain, President Bush, Republicans and Democrats to join me in supporting an emergency economic plan for working families — a plan that would help folks cope with rising gas and food prices, spark job creation through repair of our schools and roads, help states and cities avoid painful budget cuts and tax increases, help homeowners stay in their homes, and provide retooling assistance for America’s auto industry,” Obama said.