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. Rhonda

    shouldn't Palin be there too for support – putting country first?

    what's the deal?

    September 30, 2008 11:20 pm at 11:20 pm |
  2. erika morgan

    You are wrong about needing credit; our problem is that more then all the wealth we have, has been loaned out THERE IS NO MORE MONEY WE HAVE SPENT ALL OF IT. What is now needed is no credit period we must live within our means. This is the correction of the fallen value of the US dollar and money rescues just devalue the dollar further creating a deeper crisis. The dollar is given value by the wealth we collectively own.

    All loans must be paid off however they can be. Businesses could be extended credit on accounts receivable; payroll, bills and material should be covered by profit realized that means you earn the money first. The housing market has been inflated beyond all reason by the folling in of credid card debt, and must be readjusted. This means that bailout money should go to purchasing these properties at a real value and negotiating a reasonable payable loan with either the present owner or a new buyer but the credit card debt that has been rolled into these mortgages must be jettisoned from them. There will be losses but it is really a question of admitting the losses that have already occurred.

    September 30, 2008 11:22 pm at 11:22 pm |
  3. Colin

    If church and state are supposed to be two diff. things, why is the embodyment of the state taking a religious holladay, when the nation is suposabaly in so much trouble????

    September 30, 2008 11:24 pm at 11:24 pm |
  4. George

    Senator Biden is absolutely correct regarding Roosevelt. CNN let's keep you honest.. Shame on you!

    Franklin Delano Roosevelt : Elected to four terms in office, he served from 1933 to 1945 and is the only U.S. president to have served more than two terms. He was a central figure of the 20th century during a time of worldwide economic crisis and world war.

    During the Great Depression of the 1930s, Roosevelt created the New Deal to provide relief for the unemployed, recovery of the economy, and reform of the economic and banking systems.Although recovery of the economy was incomplete until almost 1940, the programs he initiated such as the Federal Deposit Insurance Corporation (FDIC), Tennessee Valley Authority (TVA), and the United States Securities and Exchange Commission (SEC) continue to have instrumental roles in the nation's commerce. One of his most important legacies is the Social Security system.

    September 30, 2008 11:24 pm at 11:24 pm |
  5. James in NYC

    What about the Governor with the Executive experience????
    We need her to tell Congress what to do. Hopefully no one will have any hissy fits and not show up or get mad when someone says something that is not too nice.
    Do your Job Senators! Please no temper tantrums and do what is right for us the taxpayers and get it done! That excuse to do nothing because of Pelosi's speech was a joke. Grow up Washington and do your jobs!

    September 30, 2008 11:24 pm at 11:24 pm |
  6. Shay

    Our lives are at stake and it is in the House hands. These are the people that you have elected. We are in a recession. For goodness sakes people they have put a clause in there which is (oversight ) which means ( if) there is an error it will be corrected. My understanding of the money issues is that it will be posted online every 2 days so that you can see how the money is being distributed with taxpayers money.

    You have no other choice but to do this. Businesses live off of credit to buy things and pay employees which is you and to keep the business alive. The FDIC will increase to $250,000.00 so that people will not panic and take their hard earn cash out the bank, The bank make loans off your money. If it is not there then they will put a freeze on everything.

    So it is your call, however there is no choice but to hope and pray for a change that things will get better.

    September 30, 2008 11:25 pm at 11:25 pm |
  7. cecil

    Lets See If Sen. McCain Can Keep His Unpresidential Mouth Shut!

    September 30, 2008 11:28 pm at 11:28 pm |
  8. Sarah Smith

    ONCE we have NOTHING TO LOSE

    WATCH OUT FOR US!

    WE are the VOTERS!

    DESTROY everything we have worked for

    and RUN FOR COVER!

    September 30, 2008 11:29 pm at 11:29 pm |
  9. cecil

    Hockey Mom Joe-six pack American Shut Up!

    Why Is The Standard For White People Running For Office So Much Lower, and Acceptable?

    September 30, 2008 11:35 pm at 11:35 pm |
  10. j

    It sounds like this "rescue"/bailout plan is going from bad to worse and even though I think something may need to be done, the bill seems to be getting worse with each revision. I find myself in sympathy with the "nay" voters, and surprisingly more in line with the conservative Republicans than the liberal Democrats. I am a fiscal conservative after all.

    September 30, 2008 11:39 pm at 11:39 pm |
  11. Speak The Truth

    I am more then certain that McCain will pull something fancy and vote against the bill

    September 30, 2008 11:40 pm at 11:40 pm |
  12. erika morgan

    You are wrong about needing credit; our problem is that more then all the wealth we have, has been loaned out THERE IS NO MORE MONEY WE HAVE SPENT ALL OF IT. What is now needed is no credit period we must live within our means. This is the correction of the fallen value of the US dollar and money rescues just devalue the dollar further creating a deeper crisis. The dollar is given value by the wealth we collectively own.

    All loans must be paid off however they can be. Businesses could be extended credit on accounts receivable; payroll, bills and material should be covered by profit realized that means you earn the money first. The housing market has been inflated beyond all reason by the folding in of credit card debt, and must be readjusted. This means that bailout money should go to purchasing these properties at a real value and negotiating a reasonable payable loan with either the present owner or a new buyer, but the credit card debt that has been rolled into these mortgages must be jettisoned from them. There will be losses but it is really a question of admitting the losses that have already occurred.

    September 30, 2008 11:41 pm at 11:41 pm |
  13. Mariaelena Raymond

    So the Senate is going to vote for the giveaway, and the last I heard there is another tax cut added for big business. There's no reduction in money given, the oversight board is not an independent board...it's all Bush people. And we're giving a blank check for one person to use unilaterily(sp?)

    You are not making any change for America, not helping our country or our citizens who make under $250,000 annually. This is, as they say about the Senate often, just another exercise of mutual masterbation.

    September 30, 2008 11:49 pm at 11:49 pm |
  14. Why Obama

    Democrat voting McCain.

    September 30, 2008 11:53 pm at 11:53 pm |
  15. The Real Maverick for Obama

    Wow, John McCain is going to vote? He hasn't voted in the Senate since April 8! Will there be cake to celebrate?

    September 30, 2008 11:55 pm at 11:55 pm |
  16. Tim E

    If 90% of the foreclosures are in four states, then only 10% of all foreclosures occur in the other 47 states. Why do we need a bailout system for the other 47 states? If 75% of all subprime mortgages are doing just fine in repayment, why do we need a system to bail them out? If Sonic franchisees cannot get credit from Sonic, how about using cash? Pay as you go built many a business in this country. Successfully. If the principal problem is that a house is not worth what the note on it says, whose fault is that? If home builders over built and saturated the market with homes that are not selling, how does that differ from any other producer who misfigures his market and has a surplus of product and a dearth of customers? And why should the mechanic's family in Wasilla, the car wash attendants' elderly parents in the nursing home at Cicero, Ill., or the autistic grandson of the daycare school's custodian in Lindale, Tx, pay to keep the Bank of America's balance sheet attractive? In spite of the "chicken littles" and doomsayers, the hysterical henrys and nervous nellies pleas for immediate and gross changes in the American System, I counsel careful consideration of the causes of each of the problems, with problem solving focusing upon doing only as much as is absolutely necessary to correct this period of adjustment. After all, a $100 billion here, a $100 billion there and pretty soon we're talking real money.

    September 30, 2008 11:57 pm at 11:57 pm |
  17. Benita Tacoma, WA

    I think they should vote the whole bill down and let the credit crunch fail. For far too long American, hell, the World has been living beyond their means. So what, we might not get to have the newest '09 car and may NOT get into a home that we can't afford. We may have to buy second hand all the way around, clothes, cars and rent an apartment. The small businesses that have been seduced on living on LOC may need to go bust and rebuild, lesson learned. We are Americans and we need to quit letting the world, the politician and the big business bankers tell us how we should run (or ruin) our lives.

    I am ready for whatever this thing throws at me.

    September 30, 2008 11:58 pm at 11:58 pm |
  18. Reagan

    I wonder if O'Bama remembers how to get there?

    October 1, 2008 12:04 am at 12:04 am |
  19. Chuck

    This bailout = socialism.

    Welcome to the world where the "have-nots" dictate where your money goes.

    October 1, 2008 12:06 am at 12:06 am |
  20. notsotough

    I don't know what all the fuss is about. Wall Street does NOT need to be bailed out. Main St. does. Us citizens (the government, on out behalf) should but up the mortagages and maintain payments so people can stay in their homes. Let Wall St. take the hit for their "paper" losses and go home. The American people will make a profit to fund education, social security, national defense (the reason for thre Federal governemnt in the first place) adn its a win-win. Except for the people who won't be making the obsene profits they posted on paper. They lose nothing but their plans – not a dime!

    October 1, 2008 12:09 am at 12:09 am |
  21. bob in LA

    WHAT!?!?!?!? Senators doing their jobs? OK, we can pay them for working one day this month.
    When do tax payers get a bailout from Congressional welfare?

    October 1, 2008 12:12 am at 12:12 am |
  22. Moon Maiden from Lake Michigan

    I am sick of this .

    Can't wait unti Nov 4 for Obama to be President.

    October 1, 2008 12:15 am at 12:15 am |
  23. Moon Maiden from Lake Michigan

    I am sick to know all I have saved for, raising two childern alone, sending them to private schools, college and now I am sixty one and the govermenent and feds and wall street is raping me of all my savings.

    I am voting this year and for Obama

    October 1, 2008 12:20 am at 12:20 am |
  24. CAW in MD

    Since I can't comment on the Fact Check entries here, I would at least like to throw this out there - how hypocritical of McCain to say that he is outraged by "gotcha" politics, and then runs advertisements that are exactly what he is decrying. Although it has been apparent for a while that it is no longer true, I do mourn the fact that this man was once looked up to as a straight talker. Had he taken the high road in this campaign, it would have done untold good for future elections. Instead, we get this muck.

    October 1, 2008 12:20 am at 12:20 am |
  25. indy chris

    In a free market democracy, we get the leadership we deserve. If we want propaganda over facts, the media gladly dishes it up. If we demand easy credit to buy gas guzzlers, homes we can't manage and cheap foreign products from mega-stores that kill local economies, they gleefully give it to us. When we prefer jingoism and xenophobic contempt over empathy and self-examination, we set ourselves up for isolation and attack. Every time we vote for mediocrities pandering to our petty intolerance and selfishness, we ensure that petty intolerance and selfishness rises to the top.

    America, the enemy is us.

    October 1, 2008 12:21 am at 12:21 am |
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