September 27, 2008
Posted: 09:05 AM ET

NEW YORK (CNNMoney.com) – Negotiators from Capitol Hill and the Bush administration - after working well past midnight - are set to resume talks Saturday over a proposed $700 billion bailout of the financial system.

The talks, which broke at 1:40 a.m., involve staffers from Congress, the Treasury Department and the White House, a senior administration official told CNN.

The exact status of the legislation and the next steps remained unclear, but officials say they face pressure to agree on a bill and vote very soon.

Fewer than a dozen "unresolved issues" remain, a spokesman for a key lawmaker said Saturday.

Full story

Filed under: CNNMoney.com • Congress


WM in Colorado   September 27th, 2008 11:59 am ET

{{{{DRUDGE POLL}}}} WHO WON THE FIRST PRESIDENTIAL DEBATE?…

MCCAIN
68% 211,713
OBAMA
30% 93,180
NEITHER
2% 7,460

Total Votes: 312,353

We can do a battle of the polls…..but here is one that clearly shows Senator McCain won.

Independent-Latina-for-OBAMA   September 27th, 2008 11:58 am ET

FIRST I WANT TO SAY THAT SEN. OBAMA LOOKED LIKE A PRESIDENT LAST NIGHT……..HE WAS GRACIOUS, BRILLIANT AND WISE! AND POLITE. DID ANYONE ELSE NOTICE MCCAIN'S STIFFNESS & GRUMPY-NESS? AND DID ANYONE NOTICE THAT BARACK AND MICHELLE WALKED ACROSS THE STAGE TO SHAKE HANDS WITH THE MCCAINS……. WHILE THE MCCAINS STOOD THERE LIKE ……ROYALTY?

Petro   September 27th, 2008 11:58 am ET

Dem rocks!

Richie   September 27th, 2008 11:57 am ET

Just say it Barack is the winner in that debate. Way to go Dems. Obama/Biden for president. next week Biden will shut Sarah up!

carol   September 27th, 2008 11:54 am ET

It is sad to act superior and not ready to learn or agree with your opponent.
Republicans don't even know when they are a toast!

D. Haralson   September 27th, 2008 11:50 am ET

The Bailout is just a LIQUIDATION SALE for the rich to pick up some cheap real estate. While there are millions of other forclosures that will go thru for hard working americans that won't get bailed out.
They have not held as of yet anyone acountable in Congress or otherwise for this happening. WHY???? BECAUSE BOTH PARTIES SEE A WAY FOR A LOT OF THEM AND THEIR FRIENDS TO PICK UP SOME REALLY GOOOD REAL ESTATE BUYS.

GET A GRIP PEOPLE!!!! That's why they told Obama they would call him if they needed him. Guess it's going to work that way when he is President too. RUN ALONG LITTLE SAMBO, WE'LL CALL WHEN YOU ARE NEEDED.

Obama appears to be Pelosi and Harry Reid's little shoe shine boy!

The government is corrupt people!!!

Bill   September 27th, 2008 11:48 am ET

These debates mean little or nothing. Look at 2004 the media reported that Kerry won all of his debates with Bush by large margins……… Who won the election? You have to understand that the media is biased toward Obama. Look at CNN's poll …..they admit there were more Democrats than Republicians polled……so no wonder Obama won according to their poll.

mike-boston-ma   September 27th, 2008 11:47 am ET

Read down there-Mccain camp-" I hope I made you proud tonight".
WOW!

Yes Sen. Mccain, you made me proud of my support of Barack Obama the next President of united states!!

Irene   September 27th, 2008 11:41 am ET

Tell it like it is………..A BAILOUT! The use of the word "rescue" doesn't change a thing!

CM   September 27th, 2008 11:36 am ET

I really don't think McCain is trying anymore. His responses were canned and he kept saying he had a plan but no details.

With all thats going on with his campaign and his lack of understanding on the current affairs of this country I doubt we'll see a difference if he becomes president.

joe   September 27th, 2008 11:34 am ET

If you liked a liar, then vote mccain!!

RJ, CA   September 27th, 2008 11:34 am ET

Now there is concern that part of the current $700 bailout will contain earmarks for groups like ACORN, an Obama Movement organization that is also connected directly to voter fraud and other felonies in several states.
ACORN is a "community-organizing" outfit that Obama was closely affiliated with as Chicago community organizer.
ACORN has made a cottage industry out of leaning on banks and government to extend credit to “poor” house buyers who were bad risks for mortgages.
These bad mortgages were the direct result of artificially setting low interest rates and using the so-called Government Sponsored Enterprises Fannie Mae and Freddie Mac as a housing welfare program. It is these bad subprime mortgage loans that constitute the majority of the current economic crisis.
ACORN’s organizing principles have always been extremely unethical, including “evangelizing” black communities to “liberation theology” (thus the ties of Obama to Rev. Wright?) in order to achieve their socialist political agenda.

Obamabuyer – beware!

Beverly J. Aksamit   September 27th, 2008 11:33 am ET

McCain never once looked Obama in the eye, even when they first came out on stage. Mr. Lehrer tried repeatedly to get them to converse with each other and Obama tried to comply but McCain was too busy practicing the Bush smirk, next debate, he will practice the wink. Obama was too nice, probably because most of us are taught at an early age to show respect to our elders, however that rule shouldn't apply when they are showing nothing but disrespect toward you. McCain is past his time and past his prime, he proved this when he picked such an unqualified candidate for his V.P. Obama is by far the better candidate for the future of our country.

PCS / North Carolina   September 27th, 2008 11:33 am ET

In a different thread;
sharon September 27th, 2008 9:22 am ET

"As is the case with Obama's supporters, I found him not only naive, but disrespectful and rude. When Obama was speaking, McCain listened quietly, without attempting to interrupt or interject his opinion. Obama did not reciprocate."

Are you kidding ? McSame looked like an angry old man, ready to explode. He did not even look at Obama once, gave him a lecture about his experience, about the past not the future !!. Is this the way he wants to talk to the heads of states. ?
If You happen to listen to the debate. What do you think Spain's stance would be on U.S.A if McIDIOT becomes the president (A NATO member). He insulted Putin by saying "K.G.B written on his head" - Putin was "GWB Buddy" !!. Thease sound bites will win him votes for sure, and will make him the next president. Remember, With his angry rhetoric and attitude,McIdiot will push the red button a heartbeat. Get ready for the ARMAGADDON.

Jeff Spangler, Arlington, VA   September 27th, 2008 11:32 am ET

If this is such an emergency: (1) why weren't we told about it sooner by a Treasury and Federal Reserve which should have known it was coming? (2) why must Congress act so quickly? (3) why can't Congress stay on the job until December 31 like the rest of us to get it right? (4) why do greedy and criminal financial firms deserve a cent of my taxes to keep them from dragging us into a deep recession, which is likely to occur no matter what short-term bogus fix Congress enacts?

Rave   September 27th, 2008 11:30 am ET

The best part of the debate was from Mr. Obama :
I TOO HAVE A BRACELET

Carol NC   September 27th, 2008 11:30 am ET

We should not bail out rich folks. No one told them to be greedy buttholes. Greed always get in the way of progress.

deborah   September 27th, 2008 11:29 am ET

The problem is they both have it wrong. I truly believe that our economic woes are a direct result of big business being more concerned with lining their own pockets in the short term rather than strategically planning for the longevity of their business enterprise. When the weight at the top of the economic pyramid becomes so heavy with multi-million dollar contracts, the base of the pyramid (small business and the working man) suffers collapse. A better plan would be to make low interest up to $100,000 loans available to the 4.5 million small businesses in this country (regardless of credit history) but with the following caveat, the loan proceeds must be used to pay down unsecured and secured debt and to create job opportunities. This plan would insure that at least the same percentage (and quite likely a higher percentage) of the funds would be recovered over the life of the loan, it would create cash flow for the large investment banks in that the funds would "trickle up" for a change as small business paid off their debt and put their businesses on firmer footing. Plus, even if every small business in the country took advantage of the program, it would cost the tax payers far less than the $700BILLION price tag of a wall street bail out. (approx 450Billion). We have proven over the past several years that "trickle down economics" only benefits the well off and well connected, it is time to try something completely new.

Misha   September 27th, 2008 11:26 am ET

Congress and all senate are taking the Media and the AMERICAN people for a long rollercoaster ride. Americans watch the Media. what ever happens to the Media, happens to american people. Right now..the media is on a rollercoaster on this bail out plan and so are american people. this is a shame.

mitch   September 27th, 2008 11:26 am ET

the bailout is a must. i dont like it, but, we cant allow repubs to let our entire economy collapse, after their failed policies. those who are responsible should be brought to justice, and the $ should be paid back to taxpayers , so we can use it to enact obama's energy plan, when he's president. repubs need to pay for this, at the voter's booth!

Jenny   September 27th, 2008 11:23 am ET

I think Obama was VERY disrespectful to SENATOR John McCain. I am sure if SENATOR McCain has called obama by his first name Obama would have felt this to be very disrespectful but like all liberals it doesn't matter unless it happens to them personnally. SENATOR McCain was working on the problems at hand all this week whereas Obama was working on his proformance for this debt. This should tell everyone who really care about this country.

Glenn; Bakersville, NC.   September 27th, 2008 11:22 am ET

I still firmly beleive that it took a long time to get into this, and it needs to be looked at more thoroughly before we just jump into a solution that we're pocketing the expense for. No package should allow for Executive bonuses or "Golden Parachutes" of any kind for failing companies that are going to be subsidized by our tax dollars. We don't reward failures, in life or in business.

Texas Witch Twister   September 27th, 2008 11:17 am ET

DROP THE HIGH GEARED INTEREST NOTES TO A LEVEL THAT THE INDIVIDUAL CAN PAY. THEN THE GOVERNMENT PICK UP THE BALANCE. THIS WILL HELL THE FINANCE PEOPLE AND THE LITTLE MAN KEEP HIS HOME. THINK CONGRESSMEN.

NORA, FLORIDA   September 27th, 2008 11:16 am ET

JAMES FROM CHICAGO, YOU ARE ABSOLUTELY RIGHT. McCain paused when this question was asked of him a couple days of go. McCain just had the deer in the head lights look when he was asked about the cap on CEO's.

Ray Fisher   September 27th, 2008 11:16 am ET

As long as mortgage, credit card companies, and miscellaneous loan sharks are advertising on TV, convincing Mainstreet America that a bailout is necessary may be very difficult. The ads are overboard and we average joes are saying, What's the problem???

Slow This Bailout Train!   September 27th, 2008 11:16 am ET

I think Les is right. I walked away feeling McCain's is trying to still get over Vietnam. This whole idea of "winning" in Iraq is almost childish. His approah to diplomacy, if that's what folks want to call it, is a throwback to the 1940's - 1960's.

John McCain has lost a step. I voted for him once. His days and his ways are at an end. I just wish Cindy would sit him down out of love and say "John, we gotta talk…" In my comments the past few days I'm said that this campaign has officially gone from "scary" to sad and pathetic. Last evening wasn't as bad as it could have been for him, but clearly he's lost a step.

And… just for redundancy…. Sarah Palin? What's up with that? I bet she is gone from the ticket before election day and replaced with Joe Lieberman. Hell, she may be off the ticket before next Thursday debate.

linda from South Dakota   September 27th, 2008 11:16 am ET

lets just take bush out of those meetings and then i bet a solution will be reached, bush is so dean on getting this money to fix a problem he created,,,, its time to realize that bush anlong with others have gotten us into a very unpolular war,, hes peeved of many of our allies,,, which doesnt help either,, obama has the right plan,, mccain is more of the same,,, its time americans realize that bush made the mess and now wants us as tax-payers to help fix,, where was/is he when we needed help? (counting his millions)

JD in NC   September 27th, 2008 11:15 am ET

If McCain just states obvious facts like "We can't have a bad plan", then of course Obama can say "John is right".

Obama did disagree on more specific points, like whether we should ignore pursuing al-Qaeda and Bin Laden.

Texas Witch Twister   September 27th, 2008 11:15 am ET

OH I SEE I CAN NOT POST MORE THAN THREE SENTENCES. THANK YOU DEMOCRAT CNN.

Slow This Bailout Train!   September 27th, 2008 11:02 am ET

Rescue from what? I'm not sure I need to be rescued. I haven't got anything, I make next to nothing, I don't get it. This is all too etheral for me. If we were not told "the sky is falling" we wouldn't all be in such panic. But, one day a guy who plays with money for a living says "the sky is falling" and now we're freaked out.

God I'm tired of politics and tired of alarmist, fear mongers. I'm tired of the GOP, which just ain't so "grand" any more and I'm tired of the impotent, self-destructing Dems.

Back to my original question… what are we being rescued from? It just seems like this is another Bush administration stunt and while things are horrible economically speaking, I just can't figure what the whole headless chicken routine is about.

I think this is all a bunch o' bs and I think there is a hell of a lot "more" to this story than is being told. Of course, our President has let us down, our representatives (on both sides) have let us down, and our news media have let us down.

Maybe I'm just not too bright.

ran   September 27th, 2008 11:00 am ET

Once again the Republicans will use any issue to cut taxes for the rich and to do away with capital gain taxes. If a bailout were to happen it should not allow any shareholder or CEO to profit at all. The money should only go to FDIC banks and let them stimulate the economy.

Les   September 27th, 2008 10:47 am ET

After listening to McCain speak last night he finally exposed why he thinks he's a maverick and why he can't commit to any real issues. Every thing he says sounds like he's trying to justify why he was in Vietnam all those years ago and why he served in an unpopular war. He's trying to vindicate his loyalty. He really doesn't have the American people at heart; he has own psychological issues to resolve and he takes out his POW days on us. He doesn't make committments or answer economic questions because he's not a leader he's a soldier taking commands not able to give them. He's stolen all of the democrats winning strategies but since he's stolen them they're not authentic and no one believes him.

Charlotte   September 27th, 2008 10:46 am ET

A dozen unresolved issues? With this Congress it may as well be a hundred. I am so glad a majority of house members are up for re-election. Maybe if we replace all of them, we might have a government that works for us.

xddy4u   September 27th, 2008 10:46 am ET

The tread I really wanted to commented on was closed , so I'll use this one. When Obama said I agree, that wasn't like, "I agree", in a debate you counterpoint, with, " I agree", but I have one better. Anyone that ever took part in a college debate know this strategy, but the average Joe takes that statement the wrong way. It show that Obama has been in a lot of heated debates, " I agree, but disagree", but BAM !!!! here come my counterpoint. Half of those analysts need running off, they act like they've never seen the inside of a college, let alone a debate. Obama won handily, he constantly springboarded off what McCian said, and then, "in your face" take this. The public need educating along with some of the analysts on the stragety of Debating.

GPENN   September 27th, 2008 10:46 am ET

People can stop with the age old ideas. That Liberals tax and spend and Conservatives are for less government. If nothing elss has become clear in the last 8 years. It's that those old definitions don't work anymore. The conservatives ran up the debt, increased government and were far from fiscally responsible. Don't vote on myths rumors or old ideas.

Brad, California   September 27th, 2008 10:45 am ET

Oh, I get it… symantics! No longer a "bailout" that 82% of Americans say should not be happening - now it's a RESCUE. This falls right in ling with the "pig" statement… "You can put lipstic on the bailout pig and you can call it a rescue, but at the end of the day it's still a pig." Where do my senators get off get off doing something like this when they KNOW the will of the people who elected them? The problem is… we keep re-electing the same idiots who screw us.

Ella   September 27th, 2008 10:44 am ET

Need to move fast, not on campaign on solving the rescue package, and to do it right you need guys who know their economics. Economics include statistics (for example CNN poll: if 41% are democratic and 30% are independent for Obama to win he needs to get at least 41+15=56%, no?, he got something in the 40s in this group. No!)

Mr Republican   September 27th, 2008 10:43 am ET

It's a bailout, not a "rescue". It's also criminal. It's more Godly to steal from the rich and give to the poor. It's delvilish to steal from the poor and give to the rich.

Charlotte   September 27th, 2008 10:43 am ET

Neither one said how they would vote on the bailout? I was bored by the the stump speech answers. With the economy being what it is, don't expect any of the campaign promises to be kept that allude to a tax break. Obama wants to move the troops to Afghanistan, how will that save 10 million a month? Is the cost cheaper there? I don't see how moving troops to another location will cut cost. Empty promises, much like our gas tanks

bbp   September 27th, 2008 10:39 am ET

Overall was impressed by Obama last night!!

Tom in MA   September 27th, 2008 10:35 am ET

This bailout is totally idiotic, especially if they give away 20% of any recovered money to ACORN. Let these firms bail themselves out or go down the tubes. It's going to to be hard for Americans either way, but hopefully will get rid of some of these greedy crooks instead of rewarding them.

S.J.   September 27th, 2008 10:33 am ET

For the past 8 years we have had an arrogant president who did not want to listen to his advisors and last night's debate showed McCain is cast out of the same mold. McCain was arrogant and condesending. I would not want someone like him representing the American people. We don't want a "fighter pilot", we want someone with diplomacy who can stay above the fighting.

CHARLES L CURRY   September 27th, 2008 10:31 am ET

MOST AMERICANS ARE 'MAD AS HELL' ABOUT THE SITUATION WE FIND OURSELVES IN; NEVERTHELESS WE ARE THERE. THIS IS NOT THE TIME TO FIX BLAME, INVOKE POLITICS, GRAPPLE IDEAOLOGY, RACISM,ETC. WE ARE ALL IN THIS TOGETHER AND THE FUTURE OF OUR COUNTRY IS AT STAKE. WE MUST TRUST THE EXPERTS AND THEIE RECOMMENDATIONS. WE CANNOT RISK A DEPRESSION OR WORSE. PLEASE AMERICA DON'T CUT OFF YOUR NOSE TO SPITE YOUR FACE.
BAIL OUT AMERICA!

meee   September 27th, 2008 10:30 am ET

We need our President Obama in the WH right now

he will take us in the much needed direction……..

Scott L   September 27th, 2008 10:25 am ET

Well, according to Obama, 9 times in the debate he said "John was right".

At no point in the debate did McCain say that Obama was right. He continued to question, say he didn't get it, or not comprehend. Brilliant debate.

Republicans already have a new ad out with Obama saying McCain was right.

So maybe McCain is right on this bailout.

McCain thinks we are stupid   September 27th, 2008 10:24 am ET

If the ERRATIC MAVERICK will stay away…. they will get an agreement. McCain can't look at the person he is debating with…. this shows the FEAR in him. OBAMA WON THE DEBATE BECAUSE HE IS EXTREMELY SMART AND HONORABLE.

Scott L   September 27th, 2008 10:20 am ET

Did Obama fly back to DC????????

James From Chicago   September 27th, 2008 10:17 am ET

I will bet all I own that the top C.E.O. will still get their million
dollar pay out. And we the taxpayers will pay for that.Greedy
lying, dishonest top executives will still get their money and nothing will happen to them.

Bailout Cut DOD   September 27th, 2008 10:17 am ET

We should not approve the bailout and we should cut the defense budget in half!

Sue in MI   September 27th, 2008 10:15 am ET

Of course Bush wants this rammed through-he's trying to make people believe he's actually in control. I applaud the Republicans for slowing this process down and actually looking at alternatives to an open-ended, no paper trail check to the Treasury. I do not believe that taxpayers should be bailing out a company's bad decisions, and look, it's a week later, and we're still standing. The markets are OK, and gas prices are down.
If we bail out these companies, and these greedy people who took on more mortgage debt than they could ever pay, and credit card debt that we've been warned about over and over, why should they ever learn the responsible way? I don't feel sympathy. We have never had a late payment on anything, and never pay interest on credit bills, because we pay the balance every month. Plus we save a percentage. What's so hard about that? Grow up, people.

Matt   September 27th, 2008 10:12 am ET

Obama 44, McCain 22. That's according to yor own bipartisan panel CNN. You have studiously ignored it. Your ad revenues won't hurt as much as you think if you report the truth. The media thinks it's got us all coralled, but the reality is we want nothing more and nothing less than just the truth.

aliou FL John Mckeating five   September 27th, 2008 10:11 am ET

Obama 08 our next president.

Maggie VT   September 27th, 2008 10:10 am ET

Maggie, VT

LIke I said, my comments are never put on this site, so I will go to another site where they actually care what people say in this country.
Thanks for nothing CNN

aliou FL John Mckeating five   September 27th, 2008 10:10 am ET

Mcain is dangerous as would an unruly "cheriff" or what else he calls himself. The American people don't need a sheriff. They need a president who is cool and poised and can discuss our problems with insight and wisdom. Not an old teenager McCain showed himself to be last night.

Joe Citizen   September 27th, 2008 10:04 am ET

I add this here as I am shut out in areas where it should go.

I personally found it arrogant and offensive that the would be King Obama referred to President Bush as Sen. McCain’s President. Well Obama has not yet been anointed King yet, so President Bush is his President too!!!!

one nation under god!!!!   September 27th, 2008 10:02 am ET

No bailout ever.If the dems force this bill through then the pitchforks will be out for them.There will be hell to pay.McCain needs to return and stop this deal again.Stopping the deal last time was even a greater service to this country then his time as a POW.Anyone for this plan should have their right to vote revoked.Probably too are the same ones who got us into this mess.Sorry dems,lazy minorities and college punks who hav no idea what the real world is like;no bailout ever.Remeber this word dems ARMED REVOLT.We are goona send all you liberal fascists packing to cuba and venezuela.They have a govt. of more to you liking.Also youll be able to be your typical american hating selves there.

GUY   September 27th, 2008 10:01 am ET

We are bailing out people who don't know how to run a business so that they can what, suddenly become better leaders?! Won't happen and a bailout this big with no kind of accountability for these WEALTHY idiots is our governments was of failing us - the people who they are supposed to represent.

Stop the bailout - let them fail. I don't care. 700 MILLION DOLLARS PEOPLE!!! That's ridiculous. WaMu (the biggest financial failure) was bought out for 1.9 million by JP Morgan… so, WHY do we need SEVEN HUNDRED MILLION DOLLARS to bail out these other companies?! WE DON'T!!

Also, how much money has been raised for both sides of this presidential campaign? MILLIONS of dollars. Hello? There is plenty of money in America - we just putting it in wasteful places!! Did you know we spend $450 billion dollars is spent on Christmas every year? It's true.

And America is claiming crisis. We are stupid.

No Country For Old Men   September 27th, 2008 9:57 am ET

I have 700 Billion reasons not to vote for John McCain.

Obama / Biden 08

Joseph Regis   September 27th, 2008 9:56 am ET

I think it is clear that both candidates want the crisis to be resolved as soon as possible and that time is of the essence.

But last night Obama clearly articulated and laid out his plan in a comprehensive term as to how to change the country from the failed policies of the repubs that McCain wants to continue.

Obama also clearly demonstrated that he has full command of the foreign issues facing the nation.

Obama/Biden 08/12.

Marie Ontario   September 27th, 2008 9:55 am ET

It won't matter what they do about the bail out as McCain has lost this one because his policies and party created the mess and he'll never get out from under that one or his take on the fundamentals of the economy being strong.

Bloggers and pundits can all claim one candidate won over the other in the debate but the main point is McCain didn't hit a home run or have a knock out punch. Translation this means his claim of experience over Obama is now null and void.

My guess is the election will now be about history and with McCain being tied to hip with Bush and still advocating his policies Barak Obama wil be the next president.

Randy   September 27th, 2008 9:54 am ET

This bailout is horrible. The democrats are up to their necks in corruption with Barney Frank and Harold Raines at the heart of this mess with their push of subprime loans to people that couldn't afford them.

NH Mom   September 27th, 2008 9:50 am ET

All I could think was that Clinton would have easily beat both men in this debate. If only the Democratic superdelegates had selected her…..like the primary voters did

I'm still split on voting for Clinton as a write-in and voting for Obama (and only because I live in a swing state would I vote for someone other than Clinton).

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