Borger: Voters looking for someone to lead on economy

WASHINGTON (CNN) -- If there has ever been a confusing and daunting time in Washington, and in the political world, this is it.

Hank Paulson, a well-respected treasury secretary and former Wall Street titan, proposes a mammoth, $700 billion bailout for financial firms with a clear warning: Refuse to act at the nation's great risk.

Washington politicians, preparing to face the voters in a matter of weeks, suddenly find their mettle and ideological beliefs severely tested.

As in: If you're truly a laissez-faire, let-the-market-work conservative, how can you sign on to a bailout that effectively nationalizes parts of Wall Street?

And if you're more of a populist, and worry that the little guy is going to get stuck footing the bill, how can you sign on to a plan that doesn't help homeowners at risk of foreclosure?

Left wing, meet the right wing. You're on the same side.

To complicate matters even more, there's a presidential campaign afoot. Not only is it under way, it's in its final stages, when those undecided voters pony up to a single candidate. And both of these candidates -- not known for their economic expertise -- are struggling to find the right tack and tone.

Sen. John McCain, who has branded himself not only a maverick, but an anti-CEO, anti-corporate-greed populist, has a tough decision to make: Will he sign on to a bailout measure if it doesn't include very strong limits on executive compensation for Wall Street bigwigs?

And Sen. Barack Obama, who rode the outsider/change horse all the way through the primaries, has to decide whether to let Washington lead the way on this.

Here's the problem: Washington is about as unpopular as it has ever been. That's why the presidential candidates are running against it. That's part of the reason Sarah Palin has been a success: She's about as outside as you can get.

It's no coincidence that this has become McCain's standard line when he's with his running mate: "I cannot wait to introduce Sarah Palin to Washington." What he means is that Washington will hate her, which is a very good thing.

So if the anger at Washington, and government itself, has been a very large part of the election campaign, what's a politician to do when asked to approve a $700 billion bailout? That means that big, bad government has to help. That means trusting Washington to do the right thing. It also means trusting President Bush -- who has an approval rating below 30 percent -- one last time.

So far, at least, the economic bailout has received the support of a majority of the public -- but it's not enthusiastic, and more questions are raised every day. If the public hates Washington, how can politicians who are running as outsiders support a Washington solution to the economic mess?

Some won't, making the case based on ideology.

Others will look to sweeten the bailout by including assurances that Main Street is protected with some mortgage foreclosure help, and by giving the Treasury the benefit of a stake in the bailed-out firms.

And still others, like McCain, will play the populist card against the Wall Street millionaires.

In the end, what's needed here is leadership -- and that seems to be the rarest commodity of all in Washington.

Hank Paulson alone can't tell the country what is at stake here. And officials worry that if they're really honest about it, they could panic the public even more. President Bush might be able to lead the way, but the voters consider him either (a) irrelevant or (b) not a reliable source.

So, oddly enough, it's up to the two men seeking the presidency to act, well, presidential. Explain the stakes. Modify the bailout as needed. Then lead the nation. The voters just might follow.

All About John McCain • Barack Obama • U.S. National Economy