Energy News  
US election shoved aside as financial crisis bites

Obama and McCain are simultaneously both central and peripheral figures in the crisis sparked by the debt meltdown which took the US financial system to the brink of collapse.
by Staff Writers
Washington (AFP) Sept 21, 2008
In any other year, a Sunday morning six weeks before a US election would be a feast of low blows and flying elbows, with presidential campaign operatives trading punches on television talk shows.

Not this Sunday. The eye of the global financial storm stalled over New York and Washington and shoved the most compelling election race in years largely to the sidelines.

Operatives for Democratic White House hopeful Barack Obama and Republican John McCain were noticeable by their absence on most of the Sunday morning network television talk shows.

Instead, Treasury Secretary Henry Paulson starred on the four big shows on NBC, ABC, Fox and CBS, jockeying for position in the emerging joust with Congress over the multi-billion dollar bailout which could be passed this week.

Obama and McCain are simultaneously both central and peripheral figures in the crisis sparked by the debt meltdown which took the US financial system to the brink of collapse.

They spent the last week doling out blame for the crisis and offering competing approaches to fix it -- but lack a prime role in the horsetrading taking place on the rescue package between Congress and the administration.

But whatever remedy is passed, the next US president will likely end up playing a political price when he is handed the job of steadying the traumatized economy next January.

Both candidates have big plans for spending on priorities as diverse as expanding the military and combating global warming and are offering tax cuts as carrots to different sectors of the electorate.

But pre-election spending plans are likely to be shredded and big plans trimmed with the US government footing a bill, likely to total hundreds of billions of dollars, for the largest financial bailout in decades.

"The next president is going to have some challenges -- as we have challenges today, because what we're going through is an unprecedented period of time," Paulson said on CBS's "Face the Nation" program.

The economic meltdown has just added another nightmare to the long list of crises awaiting the next US leader, including the war in Iraq, deepening turmoil in Afghanistan and a nuclear showdown with Iran.

But despite the calls for bipartisanship at what Paulson called a "humbling" national moment, politics started to intrude.

Arizona senator Jon Kyl, a firm supporter of McCain gently jabbed the Obama campaign on "Fox News Sunday" saying it was now beginning to "reevaluate the certainty" of raising taxes on the US "investor class."

Another veteran political bruiser, Democratic Senator Chuck Schumer countered that it was fair enough to seek political points.

"First job is to fix this big mess, but a president's elected for four years, a vice president for four years, to talk about their general philosophy and where they go on taxes, if, God willing, we get out of this mess -- very legitimate."

Obama and McCain themselves stayed largely out of sight on Sunday.

McCain took a short drive from his apartment to his campaign headquarters in Washington's Virginia suburbs for a few hours of preparation ahead of his debate clash with Obama on Friday in Mississippi.

He had an event planned later in Maryland and was then heading to Pennsylvania while Obama stayed secluded all morning, before holding a rally in North Carolina later Sunday.

Interviews with both candidates were due to be broadcast by the "60 Minutes" news magazine show on CBS on Sunday night.

Community
Email This Article
Comment On This Article

Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Democracy in the 21st century at TerraDaily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


Pakistan's 14th Attempt At Democracy
Moscow (RIA Novosti) Sep 15, 2008
A new president was sworn in yesterday in Pakistan. Asif Ali Zardari is a 53 year-old businessman, the current leader of the Pakistan People's Party (PPP), and the widower of the legendary former Prime Minister Benazir Bhutto.







  • First Marquiss Wind Power Turbines Connected To Northern California Grid
  • Jatropha Conference Geared Toward Increasing Biofuel Potential
  • Vinod Khosla To Keynote 2008 Algae Biomass Summit
  • Analysis: The world's first CCS plant

  • Luminant To Submit Application To Expand Nuclear Power Plant
  • India, France close to nuclear cooperation pact: official
  • Malaysia to resort to nuclear energy by 2023: minister
  • Australia denies China blocking uranium to India

  • New Clues To Air Circulation In The Atmosphere
  • Strange Clouds At The Edge Of Space
  • Dutch town tests 'air-purifying' concrete
  • Scientists Search For Answers From The Carbon In The Clouds

  • Stressed trees release aspirin compound, may communicate : study
  • Oil Palm Plantations Are No Substitute For Tropical Rainforests
  • Norway donates up to one billion dollars to save Brazil rain forest
  • Prince Charles calls for 'wartime' effort against deforestation

  • Research Pushes Back Crop Development 10,000 Years
  • GM Crops Protect Neighbors From Pests
  • WHO hits out at China for lack of transparency in formula scandal
  • 13,000 children hospitalised in China milk scare

  • Americans And Europeans Have Similiar Plug-In Hybrids Plans
  • Iowa State Engineer Works To Clean And Improve Engine Performance
  • General Motors looks for a jolt from electric Volt
  • Tesla to produce zero-emission sedan in Silicon Valley

  • Safer Skies For The Flying Public
  • Chinese airlines fly into headwinds in Olympic year
  • The M2-F1 - An Aircraft Without Wings
  • China's Tianjin building runway for Airbus test flights: report



  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement