Today, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress to pass a $700 billion financial bailout.  They warned that letting problems persist would have dire consequences for the national economy, reports the AP.

“If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse,” Bernanke says in his prepared for a panel being held later today.

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Democrats are pushing back on the bailout planoffered by the Bush Administration, specifically with legislation that would cut the salaries of the CEO’s whose firms participate in the bailout and by adding more oversight provisions, reports The Washington Post.

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Democrat Barack Obama called Friday for a globally coordinated financial rescue plan that puts the taxpayers on Main Street ahead of the imprudent investors on Wall Street, reports the AP.

To learn about his plan, click here.

Yesterday John McCain stated that the “fundamentals of our economy are strong.” Today, he is calling for a high-level commission to study the current economic crisis and claiming that a corrupt and excessive Wall Street had betrayed American workers.

“I warned two years ago that this situation was deteriorating and unacceptable,” McCain said on “Good Morning America” on ABC. “And the old-boy network and the corruption in Washington is directly involved and one of the causes of this financial crisis that we’re in today. And I know how to fix it and I know how to get things done.”

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