Obama strikes back on economic reform

By MALAVIKA JAGANNATHAN

Democratic presidential candidate Sen. Barack Obama slammed rival John McCain for being a latecomer to reform before laying out his vision for streamlining government and managing the economy. Obama’s 45-minute speech Monday on government and regulatory reform in front of about 7,000 people at the Resch Center came as Congress considers a $700 billion bailout of bad loans. Although the Illinois senator urged bipartisan support for the rescue proposal to fix the imminent crisis, he also said such a plan would need accountability. “We cannot give a blank check to Washington with no oversight,” Obama said. “No oversight and no accountability is exactly what got us in this mess in the first place.” Four days after McCain and running mate Alaska Gov. Sarah Palin used the same location to tout their economic platform, Obama outlined a series of proposals he says will prevent future financial crises from reaching the bailout stage. The two face off in the Nov. 4 general election.

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