Both presidential candidates said Sunday they will likely support the proposed $700 billion federal financial bailout deal. On Face the Nation Sunday, Sen. Barack Obama (D-IL) repeated his call (PDF) to “update our 20th century regulatory framework for a 21st century global financial system.”

Asked on ABC’s This Week whether the proposal satisfied his principles, Sen. John McCain (R-AZ) replied, “Yes, protect the taxpayer, make sure that there isn’t excessive compensation for CEOs, a oversight body, not leaving all the decisions in the hands of one individual.”

DEBATE: The New York Times pointed out a “role reversal” among the presidential candidates policy toward Pakistan in Friday’s debate.

The Atlantic‘s Marc Ambinder examines the candidates’ argument about negotiating with Iran.