Congressman Hensarling comments on McCain's campaign suspension, bailout

East Texas congressman Jeb Hensarling has been at the forefront of the bailout issue, working with his fellow Republicans to address the problems. But, he took some time to talk to us this morning.

We asked him if he thought Senator McCain did the right thing in postponing his campaign.

"I think it shows a lot about Senator McCain's character. And that is with no disrespect to people in Dubuque Iowa, you shouldn't be having coffee klatches with people in Dubuque, Iowa when you could be working on what is indeed a real national financial crisis. And so again, it's another sign where Senator McCain puts country first. So, I think it was a bold move on his part and he can help."

Hensarling added how important it is for Republicans and Democrats to work together to find a solution to the financial crisis, and he has alternatives to the proposed bail-out.

"Structure it like FDIC insurance the people have on their bank account. Make Wall Street pay the premiums to ensure their own mortgage back securities which caused this problem in the first place. I would call that a work-out and not a bail out...the House conservatives also believe that we should absolutely suspend the capital gains tax for 2 years cause we want voluntary investor capital not involuntary taxpayer capital to come in and help solve these problems."

Congressman Hensarling says we are in a very serious and critical situation but he believes it's important to take more time to make a right decision rather than a fast decision.

Courtney Lane, reporting.