McCain cautions on U.S. gov't bailout plan

McCain cautions on U.S. gov't bailout plan

WASHINGTON, Sept. 19 (Xinhua) -- U.S. Republican presidential nominee John McCain said Friday that the federal government needs to limit bailouts to failing companies.

Speaking to supporters in Green Bay, Wis., the senator from Arizona also called for reform on how the government handles and oversees financial markets.

McCain and his Democratic opponent Barack Obama are outlining more detailed proposals for how to fix the country's current financial woes, but they kept their advice broad and long-term rather than detailing a short-term rescue plan as the Bush administration did.

McCain's remarks focused on reform of the financial management system.

"The Federal Reserve should get back to its core business of responsibly managing our money supply and inflation. It needs to get out of the business of bailouts," he said.

The Republican candidate touched on six points, including the need to streamline the federal bureaucracy and provide "regulatory clarity."

McCain said once elected president, he will fire Christopher Cox, chairman of the Securities and Exchange Commission.

New opinion surveys show Obama has regained his lead over McCain, apparently due to voters' concerns over the faltering economy, suggesting Democrats are at an advantage on the economic issues in current financial conditions.