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Obama Calls For "Calm" In Wake Of Bailout Failure

From CBS News' Maria Gavrilovic:

(WESTMINSTER, COLO.) - Barack Obama called for calm today, after the House rejected $700 billion rescue plan.

"It's important for the American public and for the markets to stay calm because things are never smooth in Congress," Obama said at a rally outside of Denver.

He added, I'm confident that we are gonna get there, but it's going to be a little rocky."

News that the bailout plan was rejected broke moments before Obama was expected to speak at Mountain Range High School. Campaign aides say he immediately telephoned Treasury Secretary Henry Paulson and House Speaker Nancy Pelosi.

As of this morning, Obama had planned to travel to Washington when the bill was to be voted on in the Senate later this week. It remains unclear if Obama will travel to the Capitol sooner than that to partake in further negotiations.

Today, Obama praised the Democratic and Republican leadership for their work on the rescue plan, but said it is important for Congress to "step up to the plate." He was cautious not to fault John McCain specifically for the financial crisis, but rather blamed the crisis on the philosophy that drove the Bush Administration.

Obama explained that it is "a philosophy that says we should give more and more to those with the most and hope that prosperity trickles down on everyone else, a philosophy that says even common-sense regulations are unnecessary…it's a philosophy that prefers scoring political points to showing leadership."

He said what's need now is "adult supervision" of the White House - "What we have seen over the last few weeks is the final verdict on this failed philosophy. This is the consequence of 8 yrs of irresponsibility. And it is time that we had some adult supervision in the White House, that's what I am running for President of the United States."

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