ABC's David Kerley and Sunlen Miller report: Senator Barack Obama had big plans for this morning. Meeting with his economic team in Florida he was going to roll out his response to the deepening economic crisis. But with the Bush administration and Congress talking about a massive move to shore up the markets, Obama will stand back temporarily.
In a statement issued by the Democratic nominee, Obama said that despite his economic team meeting today – he will not provide specific details of his plan to revive the financial markets yet – and rather see the government's plan first.
“"I have asked my economic team to refrain from presenting a more detailed blue-print of how an immediate plan might be structured until the Treasury and the Federal Reserve have had an opportunity to present their proposal,” Obama said in a statement, “It is critical at this point that the markets and the public have confidence that their work will be unimpeded by partisan wrangling, and that leaders in both parties work in concert to solve the problem at hand.”
Warren Buffett, Paul O’Neill, Bob Rubin, Joe Stiglitz, Larry Summers, Dan Tarullo, Laura Tyson and Paul Volcker will all participate in Obama’s economic team meeting either by phone or in person in Miami Florida this morning. Democratic vice presidential candidate Sen. Joe Biden will now participate in the economic meeting by phone, in addition to Gene Sperling, who was the chief economic advisor to Sen. Hillary Clinton's 2008 presidential campaign.
The Obama campaign says that during the meeting they will, "discuss his plan to stabilize the financial system and turn the economy around. They’ll finalize Obama’s plan to call for the passage of a Homeowner and Financial Support Act that would establish a more stable and permanent solution to the crisis."
In an early morning statement today, Obama also indicated that he will support additional government intervention into the markets.
Obama – who spoke on the phone with Treasury Secretary Paulson last night – says that he supports the efforts to work with Congressional leadership to solve the crisis, and as he reviews their eventual proposal he will be guided by four principles.
"First, the plan must account for the fact that the country is in an economic crisis that is broad, not just on Wall Street, second, any taxpayer-funded support must have as its focus protecting the nation's long-term interest, third the plan must be temporarily coupled with new oversight regulations of financial institutions, and lastly plan should be part of a globally coordinated efforts with the G-20," Obama wrote.
The campaign trail rhetoric this week has been dominated by the economic news – putting the spotlight on both candidates to formulate a firm economic plan. Obama has been critical of Senator John McCain – telling audiences in battleground states this week that while he doesn’t blame McCain for the economic crisis, he does blame the hands-off, supply side, philosophy he subscribes to.