Republican U.S. presidential nominee John McCain said Sunday he hopes he will be able to support the Wall Street bailout plan pending before Congress.

In an appearance on ABC's ``This Week'' program, the Arizona senator said he believes the proposal would protect taxpayers and limit so-called golden parachute severance packages for executives of companies that participate in the bailout.

"The outlines that I have read of it, that this is something that all of us will swallow hard and go forward with," McCain said. "The option of doing nothing is simply not an acceptable option."

Democratic presidential hopeful Barack Obama said Sunday that he too is inclined to support the proposal.

The Wall Street plan would allow the U.S. Treasury to begin purchasing distressed debt securities from financial companies in an effort to shore up the U.S. financial market.

"Let's get this deal done, signed by the president, and get moving, because the real effect of this is going to restore some confidence, and get some credit out there, and get the economic system moving again, which is basically in gridlock today," McCain said.