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McCain: Obama Has "Not Provided" Leadership on Economic Crisis

From CBS News' John Bentley:

(SCRANTON, PA.) – Calling for more oversight and accountability in the government's Wall Street bailout plan, John McCain accused Barack Obama of being absent on the issue of the financial meltdown.

"Sen. Obama has declined to put forth a plan of his own. At a time of crisis when leadership is leaded, Sen. Obama has simply not provided it," McCain said. "The truth is we don't have time to wait for Sen. Obama's input for our nation to act."

The Obama campaign responded that McCain's plan would not help the current situation.

"Sen. McCain's first response to this crisis was to say that 'the fundamentals of our economy are strong,' then he admitted it was a crisis, and then he proposed a 'commission,' which is just Washington-speak for 'I'll get back to you later,'" said Obama spokesman Tommy Vietor.

"Sen. Obama outlined his action plan last week, which included immediate action on housing, on stimulus and financial market reform. And on Friday he presented a clear framework for action on addressing our urgent financial crisis."

McCain also unveiled his plan last week, where he identified his priorities as "keeping people in their homes and safeguarding the life savings of all Americans by protecting our financial system and capital markets."

He also said he was "greatly concerned" about the government's bailout plan because it gives Treasury Secretary Henry Paulson the ability to spend $1 trillion of taxpayer's money.

"Never before in the history of our nation has so much power and money been concentrated in the hands of one person. This arrangement makes me deeply uncomfortable. When we are talking about a trillion dollars of taxpayer money 'trust me' just isn't good enough," McCain said.

"We will not solve a problem caused by poor oversight with a plan that has no oversight. Part of the reason we are facing this crisis is an antiquated regulatory system of uncoordinated agencies that haven't been doing the job."