\"McCain's handling of the financial crisis made me feel nervous,\" Pressler said. Former GOP senator, vet backs Obama

Former Sen. Larry Pressler (R-S.D.), who was the first Vietnam veteran to serve in the United States Senate, is the latest Republican to back Sen. Barack Obama's presidential campaign, Politico learned Sunday.

Pressler, who said that in addition to casting an absentee ballot for Obama he'd donated $500 to the Illinois senator's campaign, cited the Democrat's response to the financial crisis as the primary reason for his decision.


"I just got the feeling that Obama will be able to handle this financial crisis better, and I like his financial team of [former Treasury Secretary Robert] Rubin and [former Federal Reserve Chairman Paul] Volcker better," he said. By contrast, John McCain's "handling of the financial crisis made me feel nervous."

The former senator added that he hoped the next president would help place restraints on executive pay, and said: "I don't think [McCain] will take action in that area, or he's as likely to."

Pressler, who said that he had never voted for a Democrat for president before, added, "I feel really badly. I just hate to go against someone I served with in the Senate. I voted and I got it mailed and I dropped it in the mailbox, and it tore at me to do that."

Currently an adjunct professor at Baruch College in New York, Pressler served in the Senate from 1979 through 1997, and prior to that spent two terms in the House of Representatives.

During the 104th Congress, from 1995 to 1997, Pressler chaired the Senate Commerce Committee. When Pressler was defeated for reelection in 1996, McCain took over his chairmanship.

After leaving office, Pressler formed a legal and lobbying firm, The Pressler Group, and in 2002 unsuccessfully sought election to South Dakota's sole seat in the House of Representatives.

He joins a growing list of Republicans who have thrown their support to Obama in recent days. Last Sunday former Secretary of State Colin Powell endorsed Obama on NBC's "Meet the Press." On Thursday Obama picked up the support of former Minnesota Gov. Arne Carlson, who was joined on Friday by former Massachusetts Gov. William Weld.

Like some of Obama's other Republican supporters, Pressler said he had concerns about his party's fiscal policy, particularly the war in Iraq, that went beyond the presidential campaign.

"We have to be a moderate party. We can't be for all these foreign military adventures. We have to stop spending so much money. My God, the deficit is so high!" he said. "The Republican Party I knew in the 1970s is just all gone."

Despite his support for Obama, however, Pressler emphasized that he intended to stay in the GOP and described himself as a "moderate conservative."

"I'm not leaving the Republican Party. We're going to reform it," he said, but added: "In the general election, if you have disagreements, you should not vote the party line."