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McCain Proposes Additions to Bailout Plan

From CBS News' John Bentley:

(FREELAND, MICH.) – John McCain outlined five provisions that he wanted to see added to the federal government's bailout plan today, but stopped short of saying he would vote against the legislation if his provisions are not adopted.

"We have got to get it right this time," McCain said of the proposed $700 billon plan to calm the financial turmoil. "I'm confident that these principles will be made part of the legislation."

Greater accountability, oversight, and transparency, as well as a ban on earmarks and "golden parachutes" for CEO's are the five provisions McCain wants to see added to the plan. But he also wanted to make sure no additional spending was added to the bill, including another stimulus package.

"This legislation should stand on its own," he said.

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