Bailout not enough, Obama and McCain say

Both major-party presidential candidates declared today that the global stock sell-off -- that pushed the Dow Jones industrial average below 10,000 for the first time in four years -- shows that the $700 billion bailout passed last week isn't enough to rescue the economy.

Democrat Barack Obama said another stimulus package is needed, along with more unemployment benefits.

"Not only are we seeing the stock market go down but there is still great danger of the credit markets not responding and the contagion is spreading to all parts of the globe. Europe is having some of the same problems," he told reporters in Asheville, N.C.

"It is a reminder that the rescue package that was passed last week is not the end of our efforts to deal with the economy, it’s just the beginning. I think it is very important for Secretary Paulson and Federal Reserve Chairman Bernanke to move swiftly and try to restore confidence as quickly as possible, and effectuate the plans based on the authority that has been given to them by Congress. I think it is still critical for us to move forward on an economic stimulus package that can provide people with some relief from high gas prices, food prices, help state and local governments maintain their payrolls. I think we have to extend unemployment insurance after the statistics showing that 159,000 additional jobs were lost just last month. We’re going to have to then, move on an aggressive plan to deal with some of the underlying structural problems in the economy including the housing market."

Republican John McCain said sweeping reform in the way Washington works is needed.

"The action Congress took last week to address our financial crisis was a tourniquet, but not a permanent solution," he told voters in Albuquerque, N.M. "Today we are seeing the stock market fall, and the credit crisis spread to other parts of the world. Our economy is still hurting -- working families are worried about the price of groceries, the price of gas, keeping their jobs and paying their mortgage -- further action is needed. We need to restore confidence in our economy and in our government."