October 1st, 2008
09:33 PM ET
6 years ago

Senate backs Wall Street bailout

ALT TEXT

Sens. Biden, McCain, and Obama returned to Capitol Hill Wednesday night to vote on a revised bailout plan. The House is expected to take up the bailout again Friday. (Photo Credit: Getty Images)

WASHINGTON (CNN) – The Senate has approved the $700 billion financial rescue plan in a just two days after the bailout failed in the House.

The bailout was approved in a 74-25 vote. Both presidential candidates, Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor, as did Democratic vice presidential candidate Sen. Joe Biden of Delaware.

"This has been a very difficult time for our country, but I'm very, very happy for this vote tonight," Majority Leader Harry Reid, D-Nevada, said after the vote. "It shows that when we work together we accomplish volumes."

The core of the Senate financial bailout bill is the Bush administration's original plan to buy troubled assets from banks, but the proposal includes a number of new provisions aimed at tax payers. The changes were intended to attract more votes from the House - especially from Republicans, two-thirds of whom voted against that version.

The House is expected to vote Friday, according to aides to Democratic leaders.

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Filed under: Candidate Barack Obama • Economy • Joe Biden • John McCain • Popular Posts • Senate
soundoff (182 Responses)
  1. tired of corruption

    I am tired of political corruption! Time to start voting these bums out of office. I will start with these two – Sen. Kay Bailey Hutchison and Sen. John Cornyn. Then if my representitive in Congress votes for this ripoff bill I will no longer give my vote to him. Come on Burgess do the right thing! When clowns like Barney Frank, Harry Reid, Chris Dodd, and Nancy Pelosi take the lead on something it should be obvious to the citizens of this once great nation that we are getting ready to get slammed.
    Way to go republicans you have effectively pissed off your base. Lets go ahead and show Obama to his new bedroom at the white house.

    Not happy in TEJAS

    October 2, 2008 01:46 am at 1:46 am |
  2. Mike, CA

    STOP blaming "Washington" for the economy and state of living!!! This is our time! Take control of your situation! Write (email) your state senator and representative EVERY WEEK. They run for elections for pete's sake...Kick the old idiots out and put new idiots in. It will make you feel better. Stand up and be counted please. Vote for measures, propositions and elected officials. Write in to your local newspaper on current events. DO NOT sit back and whine about people we re-elect to 12 consecutive terms becasue they are the only name you recognize on the ballot.

    October 2, 2008 01:49 am at 1:49 am |
  3. maynard hopkins wi

    we are in for a world of hurt big time now......

    October 2, 2008 02:00 am at 2:00 am |
  4. Janet - Missouri

    I just watched Warren Buffet on the Charlie Rose Show. His main point is this is not the spending of $700 billion to give to Wall Street fat cats. This is an investment in our country of $700 billion. They will use this money to purchase hundreds of thousands of foreclosed homes at a bargain price, hold them for a while, and sell them to qualified buyers.

    People, please study the problem before you oppose it.

    Contempt prior to investigation is a very dangerous viewpoint.

    October 2, 2008 02:01 am at 2:01 am |
  5. African

    Bailout who? Let's not give too much power to individuals who are running our back-bone markets.

    October 2, 2008 02:14 am at 2:14 am |
  6. WAKE UP! NO MORE TRICKS!

    Oh Lord, I smell another American Revolution...

    October 2, 2008 02:15 am at 2:15 am |
  7. Dianne jacka

    To all Americans, i am an australian , we have regulated banks, universal healthcare, and social security system, which looks after all.We pay higher taxes but we will never fall through the cracks and force people out onto the streets. Dont be afraid of change, i really hope that your next president will not be at the beck and call of vested interestsOur economy is linked with asia now and we should be able to avoid recession. Good Luck , we feel for the people in trouble and hope that you will all become active and make your media and politicansaccountable. I think that the ceo's should be put in goal too, we have this problem too, life after politics and high paying jobs, make a politican tread softly.

    October 2, 2008 02:18 am at 2:18 am |
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