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. ON THE "A" TEAM

    Having three degrees from midwest universities, I now have a new appreciation for Ivy League Schools.

    We need to pick the best and brightest that our country has to offer to lead our country, no matter the person's background. In this case, Sarah need a bit more time to grow...

    NOT YET

    OBAMA/BIDEN 08/12

    September 30, 2008 09:47 pm at 9:47 pm |
  2. james

    I thought this country observed Christian holidays. Why are politicians off for a Jewish holiday. Do I get off?

    September 30, 2008 09:49 pm at 9:49 pm |
  3. LT

    Those who created the crisis should effect a bailout. I'm sure that there is a enough money between the good ole boy billionaires club to bail themselves out. Look at those numbers, all of us could be well served if that money was distributed to every man, woman, and child in this country: 700 Billion divided equally. I'm not interested in paying fat cats' salaries. They don't want to be regulated (like the rest of us), then let them fix the problem. Obama, I dig you, but you ain't thinking right on this one. McCain.....look into retirement.

    September 30, 2008 09:50 pm at 9:50 pm |
  4. Jack Six Pack

    Wow did they offer the mental health provision to cure John McCain and Sarah Palen of their constant lying?

    September 30, 2008 09:50 pm at 9:50 pm |
  5. What ever

    Where's Palin?? Is she not including????

    September 30, 2008 09:51 pm at 9:51 pm |
  6. Mike, CA

    Poor John McGimmick. He wants to lead so badly but nobody will follow him. Not his own party in congress, not the Democrats, not Independents. Leaders arent given power John. People follow them becasue they have vision. God Bless Barack and the US

    September 30, 2008 09:52 pm at 9:52 pm |
  7. Janice Il

    By the time this administration is done with us the mental health part of the bill will be handy. What is this junk? The most important bill possibly ever and there has to be something attached to it!! That is the trouble with this mess and how it gets screwed up. Vote on one issue at a time and let us all get a good look at who voted and how they voted. Is this the best candidates this country has to offer? If it is then we are in it deep!

    September 30, 2008 09:52 pm at 9:52 pm |
  8. Yikes

    you repubs want you cake and icecream huh??? Time to vote yes and stop trying to play it safe.

    September 30, 2008 09:55 pm at 9:55 pm |
  9. Mike Crich

    April: You have no idea what the new bill says. This is a bailout for all of us, including you. I doubt that Paulson is given free reign. I'm sure that there will be close scrutiny of who gets what. What we all get, perhaps, is some breathing room so the world financial system can stabilize itself. That includes you, April; you live in this world, too.

    September 30, 2008 09:56 pm at 9:56 pm |
  10. Pete

    The debate going on between the spin-meisters/mouthpieces of the 2 political parties is a reflection of the sad state of affairs in the greatest country in the world. They cannot seem to rise above their pettiness and are bent on exposing the other party's follies, while hiding/dismissing their own. We are supposed to be the role models of democracy, a value we want to spread around the world. Following the political discourse in this country does not inspire confidence that we have a good handle on this process. The greed/irresponsibility and callousness exhibited by both parties is truly astounding!

    Are there no Leaders in this country who can rise above their petty selfishness and party politics to solve this country's problems? Sadly, it does not seem like we have any visionary Leaders in the current crop.

    September 30, 2008 09:56 pm at 9:56 pm |
  11. James Wilson

    Hopefully Scary Reid will have a muzzle on and keep his pie-hole shut.

    September 30, 2008 09:58 pm at 9:58 pm |
  12. T

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

    September 30, 2008 09:58 pm at 9:58 pm |
  13. Joe the Troll

    In today's world of instant global communications, why in the world do they have to waste fuel flying to Washington to vote? This is stupid.

    September 30, 2008 09:59 pm at 9:59 pm |
  14. Chuck Eugene Oregon

    Dont agee with April, but it is her opinion. This bail out is not about wall street or the banking industry. It is about us, if the money dries up those that need credit for home purchases, automobile purchases or any major unforseen expense, they are out of luck. Plus this will hopefully keep the market from droping any further which takes away from the IRA's and 401K's of those that will retire in the next few years.
    My only hope is this will blossom and take this country in a different direction.
    One thing for sure, they need to keep on top of this and follow up with more bills and regulations to prevent this from ever happening again. The market needs to be regulated, especially when it comes to interest, and loans.

    September 30, 2008 09:59 pm at 9:59 pm |
  15. Lynn in NM

    Why would Obama even think of returning to Washington to vote? After all, he should be able to continue his campaign while the economy is falling apart? Also, how are the Republicans the cause of the failure of the bailout. Hello!!! Does anyone have any common sense? The Democrats have a majority. Gee, if your own party can't vote for your own bill, I guess it isn't that good. Step up. Since you know how to run the economy, take charge and let's see who is to blame in the next year. Then, we can vote all the Dems out.

    September 30, 2008 10:00 pm at 10:00 pm |
  16. Bob (NC)

    Obama and Biden... returning to the scene of the crime.

    Can it REALLY be a coincidence that the Democrats needed an economic crisis in order to pull their numbers out of the toilet... and WHAM! the economic turmoil begins.

    Huge Coincidence

    September 30, 2008 10:00 pm at 10:00 pm |
  17. Sue in MI

    So what happens when the House again rejects bailing out Wall Street? Does the Senate bill override that? I sincerely hope this fails-even with the new provisions, it is still on the backs of taxpayers to bail out Wall Street-when they should be responsible for their own created mess.

    September 30, 2008 10:01 pm at 10:01 pm |
  18. ON THE "A" TEAM

    Having three degrees from midwest universities, I now have a new appreciation for Ivy League Schools.

    We need to pick the best and brightest that our country has to offer to lead our country, no matter the person's background. In this case, Sarah need a bit more time to grow...

    OBAMA/BIDEN 08/12

    September 30, 2008 10:02 pm at 10:02 pm |
  19. maynard hopkins wi

    vote no to the bail out...... let this run it course this is the only way that it will get back on track...there would be no government entervention..it would straighten itself out ... once the governement bails this mess out, the next time they will want the governement to help them out also..,the taxpayers can not afford this.....

    let opec take the hit ... after all they have been holding the usa ransom for way to long....let the greedy suffer big time.. all ceos should be taken up on fraud and sent to the big house.

    September 30, 2008 10:02 pm at 10:02 pm |
  20. kenneth bernstein

    Sarah Palin is a disgrace to America....and her entire family should be on Jerry Springer!!!

    September 30, 2008 10:04 pm at 10:04 pm |
  21. Desiree

    There doing their jobs that the tax payers are paying them to do, this shouldn't be news.

    September 30, 2008 10:04 pm at 10:04 pm |
  22. john

    Let Ask Dodd frank and other crooked politicians & Obama to give back their recieved contributions (bribe) they got from Freddy & Fanny.

    How many billions earmark IN THE bailout scam bill ???

    September 30, 2008 10:06 pm at 10:06 pm |
  23. xdl

    Obama, don't vote yes, we are counting on you, and you on our vote.

    September 30, 2008 10:07 pm at 10:07 pm |
  24. Jeremy Smith

    I just remember the last time the Bush administration pushed an agenda claiming it was beyond urgent and bipartisan support was demanded...the run-up to the Iraq debacle. Makes me very leery....

    September 30, 2008 10:07 pm at 10:07 pm |
  25. JT

    It's about time. At least we are getting our money's worth from this 3 politicians... I hope that this is beaten again. It will only give more money to the loan sharks banks and the pocket of politicians that on the pay offs by giving them campaign funds...

    September 30, 2008 10:08 pm at 10:08 pm |
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