U.S. financial news has dominated world headlines in recent days, so it’s no surprise the candidates are talking about a proposed $700 billion “bailout plan” to shore up the U.S. financial system. While Congress continues to debate the president’s proposal, John McCain and Barack Obama have been sharing their thoughts about what the final package should include.

Both candidates support a bailout plan that protects not only those working on Wall Street but American taxpayers on Main Street. Both believe an independent group should monitor actions implemented by this plan, that more regulation of the financial industry is needed and that there should be clear protections that ensure taxpayers’ dollars are used properly.

Obama wants the plan to provide more assistance for those struggling to pay mortgages and believes the United States should call on other nations to secure their financial markets as well. McCain has said that if elected, he would reform the financial industry to prevent firms from “concealing their bad practices.”

Some Americans are wondering if this costly plan will limit the new president’s ability to enact and pay for his proposals. In an interview on NBC’s Today Show, Obama said it could slow some spending in his administration, saying that some new projects might have to be phased in. Both candidates say the financial situation will not deter their plans to implement tax cuts.

Congress is expected to vote on the plan this week, but so far neither candidate has announced plans to return to the Senate to cast a vote.