Leaders Rally Anew for Rescue Plan

"[W]e're going to have to resolve it, and we're going to have to act," McCain said Tuesday on Fox News.

Democratic presidential nominee Barrack Obama (D., Ill.) also noted that jobs and retirement funds "hang in the balance," saying in a statement that "it is imperative that all of us -- Democrats and Republicans alike -- come together to meet this crisis."

Treasury Secretary Henry Paulson, who formulated the original proposal to purchase banks' toxic assets with public funds, said Monday that he and other administration officials would continue to work with Congress to reach an acceptable plan.

The plan was the product of several compromises between Congress and the Bush administration, which first proposed it Sept. 18 after the bankruptcy of Lehman Brothers and the federal government's bailouts of American International Group (AIG), Fannie Mae (FNM) and Freddie Mac (FRE).

Paulson also noted the collapse of Washington Mutual (WM), which was acquired by JPMorgan Chase (JPM) last week, and Wachovia (WB), which Citigroup (C) said it would buy on Monday, as well as two European institutions. He said reaching an immediate solution is imperative to prevent further market turmoil.

"We need it as soon as possible," Paulson said Monday, "and we're just committed to working with Congressional leaders to get it done."

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