McCain: Bailout a ‘tourniquet’

Republican presidential candidate John McCain said Friday that the financial rescue package is a "tourniquet," not a solution to the ongoing financial crisis, but he was "glad" he suspended his campaign last week and returned to Washington.

McCain said "we must stop the damage to our economy done by corrupt and incompetent practices on Wall Street and in Washington."

{mosads}"I'm glad I suspended my campaign to go back to Washington to help bring the House Republicans to the table," McCain said. "I believe that the taxpayer protections that have been added have improved the bill."

Democrats decried McCain's return to Washington last week, calling it a counterproductive political stunt. The House passed the bailout legislation Friday and President Bush signed it that afternoon.

McCain warned that despite the passage of the bill, there is still work to be done to put the country back on sound economic footing.

"The action Congress took today is a tourniquet, not a permanent solution," McCain said in a statement. "Our economy is still hurting and further action is needed, and it should not take a crisis to get this Congress to act."