Obama: Bush Has Run "Economy Into The Ground"

(CBS)
From CBS News' Maria Gavrilovic:

(CHARLOTTE, N.C.) - Barack Obama called for "decisive action" to resolve the current financial crisis, but he refrained from supporting or rejecting the Bush administration's $700 billion dollar proposal.

At a rally today, Obama said, "As of now, the Bush Administration has only offered a concept with a staggering price tag, not a plan. Even if the U.S. Treasury recovers some or most of its investment over time, this initial outlay of up to $700 billion is sobering,"

He quickly added, "We can't allow this to happen again." And although Obama called for bipartisan action, he said Bush has "run this economy into the ground."

Obama offered a list of provisions that he believes should be included in the Treasury's plan, including oversight of the department's actions, aid for those in jeopardy of losing their home, and support for a second stimulus package.

Campaign aides stressed that, at it stands, the $700 billion dollar proposal is just a dollar figure without specific details. They said, Obama will be "looking at it closely" but that his concern is that a plan will contain a long term strategy.

On Friday, Obama met with a team of economic advisors but he refrained from presenting his own solutions to the fledging economy. He hasn't yet rolled out a concrete set of proposals, as the McCain campaign has been quick to point out today.

"Two days after he confessed to not having a plan for the banking crisis, Barack Obama called for 'decisive action' while offering absolutely no new ideas, policies or concrete solutions – it shows he is just not ready to lead," McCain spokesman, Tucker Bounds said adding, "We cannot afford a directionless driver like Barack Obama."

Since yesterday, Obama has consulted with a slew of congressional leaders on the economy, including Hillary Clinton. He also spoke to former President Bill Clinton.