Obama says he is inclined to support bailout

Updated on Sep 28, 2008 08:14 PM IST

Democrat presidential nominee Barack Obama says he is inclined to support a proposed $700 billion bailout of Wall Street being negotiated by lawmakers.

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AP | By, Washington

Democrat presidential nominee Barack Obama says he is inclined to support a proposed $700 billion bailout of Wall Street being negotiated by lawmakers.

Obama says a tentative agreement reached early on Sunday includes several principles he proposed, including increased oversight, relief for homeowners facing foreclosure and limits on executive compensation for chief executives of firms that receive government help.

Obama says he is unhappy about the agreement, but believes it is necessary.

Obama said he is inclined to support the bailout plan because he believes that failure to deal with the current crisis would have devastating consequences for millions of Americans. Obama spoke in an interview on CBS television's "Face the Nation."

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