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Obama tells Green Bay crowd he'll ask for 10-percent cut in fed contractor spending

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River Falls, 54022
River Falls Wisconsin 2815 Prairie Drive / P.O. Box 25 54022

Barack Obama told 7,000 people in Green Bay Monday that Republican John McCain is a late-comer in reforming Wall Street.

The Democratic presidential hopeful laid out his own prescription for financial reform.

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Obama vowed to end what he called "the era of greed and irresponsibility."

He said he'd fight things like no-bid contracts, congressional earmarks and Capitol Hill's revolving door of lobbyists.

Obama proposed a 10 percent cut in federal spending on contractors.

He did not get too specific about President Bush's $700 billion bailout of troubled financial houses.

He did say Americans "cannot give a blank check to Washington with no oversight and accountability," saying the lack of oversight is caused the problem in the first place.

He also referred to a Democratic proposal to limit CEO salaries for companies that are bailed out.

Obama said any plan must "give hard-working Americans relief instead of using taxpayer dollars to reward CEOs on Wall Street."

Later, Republican National Committee chairman Mike Duncan accused Obama of avoid specifics. And he said John McCain has far more credibility on spending reforms.

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