Obama says bailout would avert catastrophe

LA CROSSE, Wis., Oct. 1 (UPI) -- The U.S. Congress must take steps to prevent a U.S. economic crisis from becoming a catastrophe, Sen. Barack Obama said Wednesday.

Congressional members and Americans have concerns about the $700 billion bailout of U.S. market systems, Obama said during a rally at La Crosse, Wis., "But it is clear that this is what we must do right now to prevent a crisis from turning into a catastrophe," he added.

He said he would flying to Washington to vote on the Senate version of the markets stabilization bill. Republican candidate John McCain also said he would vote on the measure.

"And to the Democrats and Republicans who have opposed this plan, I say step up to the plate and do what's right for the country, because the time to act is now," Obama said.

Obama said he was pleased that provisions on taxpayer protection, stronger oversight and limits on executive compensation were added to the bill, as was a provision that would raise the Federal Deposit Insurance Corp. limit to $250,000 from $100,000.

The road to strengthening the economy will be long and hard, he told the audience. If elected president, Obama said he would review the rescue plan to "make sure it is working for you."

If U.S. taxpayers aren't getting their money back, "then we will change how this program is being managed," he said

Should losses occur, Obama said, "I've proposed a Financial Stability Fee on the financial services industry so Wall Street foots the bill, not the American taxpayer."