Presidential Candidates John McCain and Barack Obama Support Outline of Bail-Out Package

Republican presidential candidate John McCain and Democratic presidential candidate Barack Obama have expressed support for an outline of a $700 billion bail-out designed to alleviate the pressure that has befallen the U.S. financial markets stemming from the collapse of several investment institutions.

The controversial bail-out proposal would allow the government to buy the bad debt that has crippled many of the major financial institutions in the United States. Both McCain and Obama have said the proposal has made significant progress in bringing the deal closer to completion.

While still in an outline form, the proposal could be completed Sunday and introduced for debate in Congress on Monday.

A key component of the proposal would be to limit the pay for executives who have led the failed institutions, many of whom have received generous pay-outs through “golden parachutes.”

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