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. Amanda

    Glad they're coming up with a deal that hopefully everyone can agree on.

    September 30, 2008 08:37 pm at 8:37 pm |
  2. The Lady

    why is Palin not going? Oh that is right she has not made it that far up the ladder yet.

    September 30, 2008 08:38 pm at 8:38 pm |
  3. Swing vote

    Obama is a joke, he has the look of the terrorist, scary and cannot be trusted. " It's just words,................................... it's just speeches;..........

    September 30, 2008 08:38 pm at 8:38 pm |
  4. TheTruthHurts

    What is this BS. That's ridiculous. If the House wants to vote NO they will and this badgering won't compare the badgering they're getting from VOTERS.

    September 30, 2008 08:38 pm at 8:38 pm |
  5. one person

    WHY ARE THESE POLITICIANS HELL BENT ON GIVING INVESTMENT BUDDIES OUR TAX DOLLARS. WHY DOES THE SENATE VOTE ON SOMETHING THE PEOPLE DONT WANT. LIKE SUBSIDIES FOR OIL, MEDICARE DRUG PLANS FOR BIG PHARMA, TAX BREAKS FOR FOREIGN INVESTORS, AND OTHER GOVERNMENT GIVE AWAYS TO SAVE US FROM WHAT. THE EARTH DIDNT MELT, THE MARKETS REBOUNDED AND THE SKY IS STILL UP THERE. I DONT PRETEND TO KNOW EVERYTHING BUT I READ BEHIND A FEW WHO SHOULD. THE ECONOMIST FROM HARVARD I READ BEHIND SUGGESTED THAT BANKRUPTCY IS GOOD FOR THESE CLOWNS SO THAT AT LEAST WE END UP KNOWING WHAT THEIR JUNK CAPITAL IS REALLY WORTH. THE MASTER OF ECONOMIUC MATHEMATICS FROM STANFORD SUGGESTED PRETTY MUCH THE SAME. UNLESS THESE PEOPLE EXPERIENCE THE BOTTOM NO ONE IS SAFE FROM THEIR CRIMINAL SPECULATION AND MARKET MANIPULATION. WHO EXCEPT ELITISTS WOULD SAVE THESE ELITE CRIMINALS.

    September 30, 2008 08:39 pm at 8:39 pm |
  6. marianna

    Both parties for big bailout on taxpayer expense !

    ... bill also includes a "Mental Health Parity" provision ..."

    That's right – mental health seems to be a big issue here.
    ;-)

    September 30, 2008 08:39 pm at 8:39 pm |
  7. Nancy, San Francisco

    They are all part of the problem-McCain, Obama and Biden.

    They've been there these past many years and ignored or were too stupid to understand the magnitude of what was coming.

    Throw ALL incumbents out.

    September 30, 2008 08:41 pm at 8:41 pm |
  8. Stop Electing Dumb People ‘08

    I have a little more respect for all three now. This is the right thing to do.

    September 30, 2008 08:41 pm at 8:41 pm |
  9. don linder

    Some senators and congressmen must have bought some very big houses that they knew they could resell at a large profit,and become multi-millionaires instead of just unimportant millionaires.For the good old days when politicans were able to ride the rail out of town,right after the tar and feathering.Vote NO for true americans.The average american is 10,000 in credit card debt.Betting on a hugh profit is just that,a bet.

    September 30, 2008 08:43 pm at 8:43 pm |
  10. Independent White Woman

    The Heck with Sarah......To John McCain remember saying Chelsea was ugly and Janet Reno was her Father ....You are Ugly and so is Rick Davis are you Rick's Father ?

    September 30, 2008 08:45 pm at 8:45 pm |
  11. NB

    McCain comparing Palin to former presidents. Nice. What is coming next. May be comparison with Gandhi or Mother Theresa. Waiting for more McCain . You are keeping us laughing everyday with your jokes .

    September 30, 2008 08:45 pm at 8:45 pm |
  12. April Garlow

    This is a sleezy power grab by Paulson and Congress.We need real leadership now, not a group of whipping boys for the Banking industry. No Bailout is needed and the Senate is doing this deal in the dead of night, behind closed doors, because they know once the light is shined on it, the flaws will be apparent. This bill stinks, Paulson is still given free reign to do as he pleases with the taxpayers money, no limits as to who recieves it, how or when. It is hard for me to believe any of these people have an education or an ounce of common sense

    September 30, 2008 08:48 pm at 8:48 pm |
  13. Pam

    Since they all went back to Washington, can Palin go back to Alaska? And never leave the state again?

    September 30, 2008 08:48 pm at 8:48 pm |
  14. jules

    Ok, CNN, we'll try this again. I've left several comments today but for some reason you aren't posting them....is that because they are in favor of McCain????

    Obamanuts need to know that McCain did warn the Dems two years ago that there were problems that needed to be addressed. There are actual videos of Barney and others saying that something that is working doesn't need to be fixed! Also, the Republicans asked to increase the Federal Deposit Insurance amount long before Obama came up with it today. Repubs wanted to increase it based on inflation from the date the $100,000 limit went into effect, which was about 1980. This would be about $250,000 now. Sorry to burst the Dems bubble but their fearless leader isn't so fearless. He doesn't have an original idea in his big head.

    Fact Check: Did McCain warn about Fannie, Freddie 2 years ago?

    The Statement: A television ad titled "Rein," released Tuesday, September 30 by Republican Sen. John McCain's presidential campaign, repeats a claim McCain has made repeatedly on the campaign trail — that he called for more oversight of lending institutions Fannie Mae and Freddie Mac. "John McCain fought to rein in Fannie and Freddie," the ad's narrators says, before citing media reports on McCain's efforts.
    Get the facts!

    The Facts: In May 2006, McCain was speaking on the Senate floor in support of the Federal Housing Enterprise Regulatory Act of 2005, a plan he had co-sponsored. In the speech, he cited a federal report, saying that "Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets." He also noted a $3.8 million fine Freddie Mac had recently paid to the Federal Elections Commission over problems with disclosure of its political lobbying.
    "These are entities that have demonstrated over and over again that they are deeply in need of reform," McCain said in the speech. He urged senators to support changing how the institutions were overseen by the government. "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole," McCain said in the speech.
    The legislation, which never became law, would have moved oversight of Fannie and Freddie from the department of Housing and Urban Development to an independent Federal Housing Enterprise Regulatory Agency.

    September 30, 2008 08:49 pm at 8:49 pm |
  15. MIKE GA.

    Senator John McCain will be stretching the truth attacking Senator Barack Obama’s on Thursday. I’ve never been afraid of stepping in to solve problems for the American people, and I’m not going to stop now. YEA RIGHT!!!!!

    September 30, 2008 08:50 pm at 8:50 pm |
  16. Emily

    And Mr. McCain, please just stay there and never come back.

    I can not stand his sexism over Palin. It is true that Palin has no clue, no knowledge, no education, but one thing she has is she is like us, average American. McCain has a huge estate, can not count his houses and cars, and he squashes Palin like his own property. No respect to his supposedly running mate.

    He is exactly one of those who caused this problem in our economy.

    September 30, 2008 08:50 pm at 8:50 pm |
  17. Pat Canada

    I am wondering with all the static over the Mortgage Housing Crisis why didn't they put something in this Redrafted Bill for Home Owners?

    And also wondering why since Obama is being accompanied by Joe is McCain not being accompanied by Sarah?

    Maybe she has too much studying to do on the morning before the night of the debate? Unlike Biden. (to coin a phrase) I mean I've only been hearin about her for about a month now, and what I"ve been hearin from her, well, let's just say, it won't make good debate material for sure! And. no, I'm not being negative! I mean everybody's been hearin about Sarah's lack of experience and well, I'm just sayin it's true!

    September 30, 2008 08:51 pm at 8:51 pm |
  18. Sally from Cali

    Too many cooks spoil the broth.

    Obama and Biden return in a timely manner for the vote instead of grandstanding and suspending their campaign. They called their suggestions in from the campaign trail instead of injecting themselves in an already heated debate.

    Now Congress should start working on the Main Street Rescue Plan.

    September 30, 2008 08:51 pm at 8:51 pm |
  19. Michael

    So now the Maverick wants Bush to steal money from a Treasury Fund to support the Bail Out of their Billionaire buddies. Country Club first.

    September 30, 2008 08:52 pm at 8:52 pm |
  20. bigmike31313

    I'm sure McSame will come back on his white horse and tell his friends to vote to continue deregulation (look below and read if you don't believe).
    1. 1982: Garn-St. Germain Depository Institutions Act
    2. 1987: Keating Five
    3. 1999: Gramm-Leach-Bliley Act
    4. 2000: Commodity Futures Modernization Act, which led to the rise of Credit Default Swaps
    The common thread? John McCain was involved in all of them.
    This mess goes clear back to the 1980s, folks. It flared up a few times, but has now become volcanic. It can no longer be ignored, hence our current situation

    September 30, 2008 08:53 pm at 8:53 pm |
  21. Mr Republican

    They better vote NO or I'm voting 3rd party

    September 30, 2008 08:53 pm at 8:53 pm |
  22. Mark G

    Obama is leading...others are following. Seems presidential to me.

    September 30, 2008 08:55 pm at 8:55 pm |
  23. bill for barack

    Will there be somebody there to read the bill to McSame and tell him what it means ?
    By his own admission after all, he doesn't know anything about the economy.

    September 30, 2008 08:55 pm at 8:55 pm |
  24. Matt

    Interesting. So what...now the Republicans will vote against it and Joe Lieberman, McCain's little lapdog, will save the day and Mc Cain will claim credit? I'll betcha $700B he does.

    September 30, 2008 08:56 pm at 8:56 pm |
  25. California Voter

    Excuse me for asking, but what does a mental health parity plan have to do with a bailout bill?

    September 30, 2008 08:57 pm at 8:57 pm |
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