Obama: Bailout needed to avert catastrophe

US presidential candidate Barack Obama said on Wednesday it was crucial for lawmakers to pass a $700 billion financial bailout package in order to avert an economic catastrophe.

"To the Democrats and Republicans who have opposed this plan, I say this: step up to the plate. Do what's right for the country, because the time to act is now," Obama told rally in La Crosse, Wisconsin. Obama plans to fly back to Washington later to cast a vote in favor of the plan in the Senate. "It is clear that this is what we must do right now to prevent a crisis from turning into a catastrophe," he said. (Reuters)