September 30th, 2008
08:15 PM ET
6 years ago

McCain, Obama, Biden to return to D.C. for Senate bailout vote

WASHINGTON (CNN) – The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.

The bill adds provisions - include raising the FDIC insurance cap from $100,000 to $250,000 - and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.

The vote is scheduled for after sundown, in observance of the Jewish holiday. Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote.

The bill also includes a "Mental Health Parity" provision, which would require health insurance companies to cover mental illness at parity with physical illness.

Democratic sources told CNN that they expect bipartisan support for the bill. Because tax bill must originate in the House, the Senate is attaching the rescue plan to a bill that deals with renewable energy tax incentives.

This would allow the Senate to vote before the House to approve a bailout bill.

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Filed under: Economy
soundoff (262 Responses)
  1. Chris from STL

    Good.

    September 30, 2008 07:48 pm at 7:48 pm |
  2. B

    Can someone stop Palin / Rove from destroying the Social Security system ?

    September 30, 2008 07:48 pm at 7:48 pm |
  3. JBP

    idiots!!! Obama and McCain are both idiots for supporting this! They are not giving enough time for other ideas to come forward.

    99% of the American people DO NOT WANT THIS BAILOUT!!!!

    September 30, 2008 07:49 pm at 7:49 pm |
  4. Amy in Mineapolis

    See mcCain, Obama can fix things!!

    September 30, 2008 07:49 pm at 7:49 pm |
  5. JD in NC

    As long as I get my paycheck for the next few months, I'll be happy.

    September 30, 2008 07:49 pm at 7:49 pm |
  6. MarioB. from Berlin for OBAMA/BIDEN

    Oops...well better sell your papers before Dow Jones sinks another 1000 points on Thu. After the Repugs again destroyed the plan and more than a trillion dollar...
    They are idiots and I'm glad to see Obama gets sworn in the Office in around four months...

    September 30, 2008 07:52 pm at 7:52 pm |
  7. Sorry but...

    I'm more interested in the debate. Not a fan of the bailout at all.

    September 30, 2008 07:52 pm at 7:52 pm |
  8. Griff

    So? Until the average Joe, get more involved in their: "own lives". their own, "Investments". Would you just flush your savings, down the Toilet? But they do.. Then blame somebody else! There is no American Dream. Unless you "Wake Up"..

    September 30, 2008 07:52 pm at 7:52 pm |
  9. Every Wilson

    Barack Obama warned that John Mccain going to Washington would be interjecting presidential politics in to the bail out negotiations! He goes and he interjects partisan politics! This crisis has been covered up on purpose! Held to create a sense of urgency! Now, John Mccain wants to show leadership! He has been in Washingto for 26 years, and his leadership in deregulation and a free market without oversight is now fortelling. John Mccain suddenly wants to go to Washington D C, where he has been an deregulator for 20 yrs! He has a unique situation, his policies and lobbyist friends are responsible for this mess in the first place! He had an opportunity for over 20 years, to fight for regulation, oversight and less lobbyist influence in Washinton, but he chose to go with his republican party 90% of the time, which is a major reason for this debacle! This is just another political stunt by John Mccain to grab a spotlight! He and his party was for the Iraq War! Which has cost Americans taxpayers1 trillion dollars! He wants credit for a surge that is incomplete, but no credit for costing taxpayers 1 trillion dollars or for supporting going after Sadamm Hussein instead using the full might of our military, to go after Bin Laden!
    His hindsight like the surge and stopping his campaign after the fact to fix his judgment errors in policy illuminates his inadequacies and ignorance! We need a proactive president who forsees major problems and have the wisdom to safeguard America's interest! We have seen this urgent demand for congress to move and the people of America to follow this president's judgement quickly without inspection, oversight and scrutiny! Remember the Iraq resolution to go to War, the Patriot Act that took away many civilian rights and violated the privacy of ordinary Americans! I do not TRUST THE REPUBLICANS AND GEORGE BUSH AND THAT INCLUDES JOHN MCCAIN! REMEMBER MCCAIN AND BUSH HAS BEEN SAYING THE FUNDAMENTALS OF THIS ECONOMY IS STRONG! I AM TIRED OF REPUBLICAN'S ONLY INTEREST IS IF BARACK OBAMA WILL ADMIT THE SURGE WORKED OR NOT! WELL, WHEN WILL THE REPUBLICANS ADMIT THEIR POLICY OF DEREGULATION, NO OVERSIGHT, TAXCUTS FOR WALL STREET AND COWBOY DIPLOMACY HAS NOT WORKED, THAT HAS COST TAXPAYERS. IRAQ WAR COST 7OO BILLION SO FAR, BAILOUT 700 BILLION, AIG 80 BILLION, 2.3 TRILLION IN SURPLUS DRIED UP, AND NOW UNDER THEIR WATCH OUR COUNTRY HAS A DEFICIT OF OVER 9 TRILLION DOLLARS IN EIGHT YEARS! JOHN MCCAIN APPROVED AND SIGNED HIS APPROVAL FOR THESE BILLS AND POLICY DECISIONS 95% OF THE TIME! SO THE WAY I SEE IT HE AND THE REPUBLICANS ARE RESONSIBLE FOR THIS FINANCIAL MESS ON WALL STREET AND MAIN STREET!

    September 30, 2008 07:54 pm at 7:54 pm |
  10. diddy

    Make sure you vote early in your state. There willbe long lines on Nov 4th

    September 30, 2008 07:55 pm at 7:55 pm |
  11. Robert Wooller Bradford England

    I predict that the bill will fail again, and for good reason from the Democratic side. People shouldn't have to bail out huge corporations that have been greedy. Greedy fat cats on Wall St and in Washington should be held accountable over this. I don't support Republicans on this because it is only because it is slightly socialist they are voting against it. They are trying to cover their backsides for November. It is nothing more than cynical political ploys from them.

    Obama-Biden 2008!!!

    September 30, 2008 07:57 pm at 7:57 pm |
  12. KG

    It's funny to me how the Dems like to point fingers at the Reps for this financial fiasco. But……maybe we should at least point a finger (you pick which one) at what really started this mess.

    Question: Why are we in this mess? MORTGAGE-BACKED SECURITIES
    Question: Who enabled mortgage-backed securities? Bill Clinton and the Democrats!

    That's the reality of the situation. Now, did Bush's policies help? Heck no! Did the Dems during the last two years that they controlled Congress talk about this much before the events of the last few weeks? Heck no!

    Bottom line, there's enough guilt on both sides. Anyone who blames the Reps only is full of it. Anyone who blames the Dems only is full of it.

    The question we have to decide now is who do we help? Do we help Wall Street and the financials with a $700B bailout plan or do we help Joe & Jane American. For one thing, I don't think we have $700B to bailout anyone, but if we did, I'd like to see the bailout plan's primary focus be on one thing. Helping shore up mortgages for all the Joe & Jane Americans out there. I personally could care less about Wall Street and the financials who screwed this up. Let's ensure we help out Joe and Jane Main Street America first.

    September 30, 2008 07:58 pm at 7:58 pm |
  13. McCain for Pres.

    There were 2 democratic senators on Lou Dobbs tonight, that said they have a plan that could fix the problem without tax payer dollars. The Senate needs to listen to what they have to say.

    September 30, 2008 08:01 pm at 8:01 pm |
  14. Shane from LB

    Just say NO!

    Let the greedy ones on Wall St. suffer!

    September 30, 2008 08:02 pm at 8:02 pm |
  15. JJ

    I thing this bills should fail, since the rich people will benefit out of it.

    September 30, 2008 08:03 pm at 8:03 pm |
  16. Luis Castillo

    Find an alternative, Mark to Market, Increase FDIC and other regulartory resource which will accomplish the means to fix the credit freeze without jeoppardizing the taxpayer money. Someone, please inform Obama, he may not be aware of the alternative that is being offered by the democratic congress member that voted against the bailout bill. Please listen to opposing views before you vote!!

    September 30, 2008 08:04 pm at 8:04 pm |
  17. Joe Regis

    I see another disaster in the making.

    I think the bill should be shelved and let the market adjust itself. No socialism for the people with money. With the repubs, everything is upside down. If we need a bail out it is after a new president takes office.

    Obama/Biden 08/12.

    September 30, 2008 08:04 pm at 8:04 pm |
  18. -Juan

    Do Not bail them out. Let them go Bankrupt! Find a way to get the money to the main stream to help them get back on their feet as well as help us. We can make it through this struggle. From ALABAMA.........

    September 30, 2008 08:05 pm at 8:05 pm |
  19. Diane

    Rove tricks? McCain absentee ballots raise questions
    By Diane Sweet 9/13/08 10:01 AM

    I received my absentee ballot from John McCain just last week (see photo of the mailer) and although I called to verify that unsolicited ballots were legal, I’d never looked at an absentee ballot before in my life, so I had no idea of the problems being caused across the country by McCain’s absentee ballot forms. This is all looking very reminiscent of the Rovian tactics used during the 2000 and 2004 presidential elections.

    Ohio:

    September 30, 2008 08:06 pm at 8:06 pm |
  20. MikeH

    What version? Something identical to what was rejected by the House? If so, it should be rejected. I heard today that there were going to be a number of changes made to the version voted down before being submitted for vote again including much more harsh provisions towards executives who mismanaged their financial institutions, including "disgorgement of funds" from said executives.

    September 30, 2008 08:06 pm at 8:06 pm |
  21. Rich in Seattle

    Oh oh, is McCain gonna show up for this one and mess it all up as well?

    McCain is a road to nowhere.

    September 30, 2008 08:07 pm at 8:07 pm |
  22. Chuck

    Let's call it what it is: Bush's Great Taxpayer Ripoff

    September 30, 2008 08:07 pm at 8:07 pm |
  23. maynard hopkins wi

    no bail out please.... these banks and lending institutions got them selves into this mess now let them sink. the taxpayers should not bail them out and i hope that this next attempt fails also. This must run its couse and it will be better in the long run. If they are bailed out then they are above the law and what is to stop this from happpening again the governement I don't think so'

    this is what happens when you have the same people in these political jobs for 30 + years vote them all out and then impose term limits on the ones that get back in

    September 30, 2008 08:08 pm at 8:08 pm |
  24. TESAP;SAVANNAH, GA

    THANK YOU................ FOR DOING OR ATTEMPTING TO DO WHAT OTHERS FAILED TO DO........
    :)

    September 30, 2008 08:08 pm at 8:08 pm |
  25. Lee in Ohio

    Let's hope the Senate takes its' cue from the vote in the House.

    September 30, 2008 08:09 pm at 8:09 pm |
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