US candidates urge bail-out deal

Barack Obama and John McCain call on US congress to strike new bail-out deal.

    John McCain said Democrats were playing partisan politics over the deal [AFP]

    Shares on Wall Street plummeted, with the Dow registering its steepest points fall - 777.68 - in history and the S&P 500 having its worst day in 21 years.

    'Partisan' politics

    In focus

    In-depth coverage of US presidential election
    Republican and Democratic opponents of the government's proposition to offer struggling US financial firms a $700bn bail-out combined to doom the bill by 228 votes to 205, despite George Bush, the US president, pressing for its passage.

    McCain took aim at Obama, who he accused of sabotaging the bill by introducing partisan politics into the discussions.

    "Senator Obama and his allies in congress infused unnecessary partisanship into the process," he said after the House of Representatives rejected the bill.

    "Our leaders are expected to leave partisanship at the door and come to the table to solve our problems.

    "Now is not the time to fix the blame, it's time to fix the problem."

    A number of US financial firms have faced collapse after receiving losses stemming from the sub-prime mortgage crisis, when people took out high-interest loans they were unable to repay.

    The losses have spread to international financial firms, causing chaos in global markets.


    YOU MIGHT ALSO LIKE

    FGM: The last cutting season

    FGM: The last cutting season

    Maasai women are spearheading an alternative rite of passage that excludes female genital mutilation.

    'No girl is safe': The mothers ironing their daughters' breasts

    Victims of breast ironing: It felt like 'fire'

    Cameroonian girls are enduring a painful daily procedure with long lasting physical and psychological consequences.

    Could mega-dams kill the mighty River Nile?

    Could mega-dams kill the mighty River Nile?

    For Ethiopia, a new dam holds the promise of much-needed electricity; for Egypt, the fear of a devastating water crisis.