McCain outlines short-term economic plan

WASHINGTON, Sept. 30 (UPI) -- Republican presidential candidate John McCain said Tuesday he floated three ideas past President Bush to provide short-term U.S. financial relief.

McCain's recommendations:

-- Use $250 billion from the Treasuries Exchange Stability Fund to prop up troubled institutions.

-- Push the U.S. Treasury to use its ability to buy up to $1 trillion worth of mortgages.

-- Raise the the Federal Deposit Insurance Corp.'s $100,000 limit to $250,000.

McCain discussed the proposals on CNN's "American Morning."

The Arizona Republican said he couldn't convince some of the 133 Republicans who voted against the $700 billion bailout plan for U.S. market systems because "we haven't' convinced people that this is a rescue effort not just for Wall Street but for Main Street America."

McCain, who suspended his campaign last week to focus on the crisis, said he would do "whatever it takes" to press for a bill Democrats and Republicans can support and Bush will sign.

In the long term, McCain said his plan would include cutting spending, balancing the budget, achieving energy independence and giving people "the ability to stay in their homes and keep their jobs."