Responding to news of the failure of the Wall Street bailout legislation, Sen. John McCain (R-AZ) said it is “time for all members of Congress to go back to the drawing board.” He reiterated principles he hoped the bill would follow, including “responsible oversight, effective transparency, added protections for the taxpayers, and a cap on excessive salaries for executives.” He also said the bill should “have no earmarks.”

Sen. Barack Obama (D-IL) responded by assuring voters that an emergency package will be passed and that “we are not going to lose jobs at an even faster clip than we are doing right now.” On Tuesday, Obama proposed raising the current limit on federal deposit insurance from $100,000 to $250,000 as part of the economic rescue deal.

TRADE: Congress on Monday passed the Mercury Export Ban Act of 2008, which Obama introduced in March 2007. The bill bans the export of mercury from the United States. “I am proud this bill will now remove a significant portion of mercury from the global market,” Obama said in a statement.