Obama, campaigning in Reno, suggests a financial services fee on the financial industry to recoup potential losses in the bailout plan.
This would be separate of the bill that's being reworked. For the current bill, he proposed raising the FDIC insurance coverage for up to $250,000, up from $100,000. This would help small businesses.
Obama says we need to pass this legislation because of the ripple effect, which would lead to layoffs. He says we're all skeptical of Bush and rightly so, but Bush aside, this legislation. Now Obama is using the word "rescue" instead of bailout. I've been against the bailout but now I'm leaning for.
He said the rescue plan will not be the end of strengthening the economy, only the beginning. The economy needs a new roof and a new boiler, he said.
I should also note that Obama struck a serious tone this morning. He wasn't messing around.