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McCain Talks Economy At Clinton Global Initiative Conference

From CBS News' John Bentley:

(NEW YORK) – The $700 billion bailout plan currently being worked on in Washington is in danger of not being passed, according to John McCain, and that's why he's going back to the nation's capital.

"I do not believe that the plan on the table will pass as it currently stands, and obviously we are running out of time," McCain said. "So I am returning to Washington to seek five fundamental improvements to this critical legislation." McCain has suspended his presidential campaign until an agreement is reached.

He made the remarks this morning at the Clinton Global Initiative conference, which is Bill Clinton's organization designed to address global concerns. After advocating a bipartisan solution to the financial crisis, McCain also talked about setting aside party differences to solve global warming, something that not all in the Republican Party agree is a man-made phenomenon.

"We now know that fossil fuel emissions, by retaining heat within the atmosphere, threaten disastrous changes in climate. No challenge of energy is to be taken lightly, and least of all the need to avoid the consequences of global warming," McCain said.

"Global warming presents a test of foresight, of political courage, and of the unselfish concern that one generation owes to the next."

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