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. Senate Stands Up for The Small Business Owner

    Thank goodness! People fail to understand that these instruments are not valueless. There are plenty of good mortgages behind them and the taxpayers will not lose money. In fact, we stand to make quite a bit and free up the credit markets.

    October 1, 2008 09:39 pm at 9:39 pm |
  2. Tony Independent

    Well that's the end of a market driven democracy. I thought that having central governments controlling markets failed in the Soviet Union.This is a very dangerous step and not supported by most knowledgeable economists – a decision made in a rush for political gains. McCain and Obama- you both are undeserving of our trust to take the leadership role of this country by voting for this tax burden. Did anyone feel the world collapsing today so quickly that it had to be propped up with this enormous sum of OUR money?

    October 1, 2008 09:41 pm at 9:41 pm |
  3. marla schmalle

    Senate vote sucks! If we want to provide jobs and education, lets do that with the $700B. If the Iraq war is ruining our economy, how will we sustain a doubling of the pay out with this bailout plan. So, what happened to the controls on fat cats getting more wealth out of this?? Instead we have for sweeteners the increase in FDIC inurance which is meaningless since anyone can have multiple accounts at separate banks. Other unrelated changes only cover lack of protection for tax payers liability.

    October 1, 2008 09:41 pm at 9:41 pm |
  4. SJ

    So much for voting against earmarked bills McLiar. From $700B to $850B now.

    October 1, 2008 09:42 pm at 9:42 pm |
  5. jason

    I heard on CNN that Obama used his time on the floor to appeal to the most conservative Democrats in the party to please vote for this rescue package. He promises we will be using PAYGO again.

    I cannot wait for real leadership. Go Obama!

    October 1, 2008 09:43 pm at 9:43 pm |
  6. ZBS

    How well the founding fathers knew of the gravity of the issues facing us today:

    "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people every allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

    Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)

    October 1, 2008 09:43 pm at 9:43 pm |
  7. annie - never again a dem.

    How does chris dodd have the guts to stand behind reid as reid lies and dodd knows he was the #1 money grabber from fannie and freddie. Do these corrupt politicians think the AMERICAN tax payer is gullible enought to believe their lies any longer?

    October 1, 2008 09:43 pm at 9:43 pm |
  8. Unbelievably Saddened

    To the Senate:
    You've done a severe injustice to the people of this country. You will be repayed this November!

    October 1, 2008 09:43 pm at 9:43 pm |
  9. Tracy

    Hey Senate! Go screw yourself – because that's exactly what you've done to the American taxpayer.

    October 1, 2008 09:44 pm at 9:44 pm |
  10. Dave

    Two words = Personal Responsibility

    October 1, 2008 09:44 pm at 9:44 pm |
  11. Ms.Ruck

    Is this the new andimproved bill? Right?

    October 1, 2008 09:44 pm at 9:44 pm |
  12. $teve

    Sold out by the Senate. Guess it is the House's turn next. And here I thought The People were in charge. May 2009 we will all be in bread lines.

    October 1, 2008 09:44 pm at 9:44 pm |
  13. jeff c

    Nothing but crooks and thugs. If anyone was still maintaining any sort of idea that congress works in the citizens' best interest, this without a doubt proves otherwise.

    October 1, 2008 09:44 pm at 9:44 pm |
  14. Paul from Utah

    Excuse me while I go and puke. How can these idiots brag about adding another $150 billion in spending on the original proposal and be proud of it?
    When did we decide to have our govt led by socialists/communists??

    October 1, 2008 09:44 pm at 9:44 pm |
  15. chris

    Wow, I thought we lived in a democracy. I guess we are no better than China now ..

    October 1, 2008 09:44 pm at 9:44 pm |
  16. bruce

    I can now see why big business says the heck with everyone else. I now feel that I'm looking for me only. I don't care about anyone else but number one. Let's reward stupidity. These guys are patting themselves on the backs for bailing out stupid people. Where is my hand out?

    October 1, 2008 09:44 pm at 9:44 pm |
  17. Steve

    I oppose this bill!!...all they did was add some pork to it!...Wake up people!!..

    October 1, 2008 09:45 pm at 9:45 pm |
  18. Leisa Jennings Lynnwood WA

    These people make me sick. So wealthy, so out of touch. I HAVE LOST 200K in my LOC. Now, this doesn't mean much to extremely wealthy senators, but BY GOD, it was all I had. Now, I have lousy credit because of foreclosure, even though I have NEVER been late on a payment in my life. My life is destroyed while the banks are bailed out. I paid off a loan on one of the mortgages with my LOC, like an idiot. I should have just foreclosed on that bank, too. If only I had known that I would get stuck with it while the banks are bailed out. I am disgusted.

    October 1, 2008 09:46 pm at 9:46 pm |
  19. Texas Witch Twister

    Now the worthless house of representative who represent us the people not them need to vote iN favor of the bill. REMEMBER REPRESENTATIVES YOU WORK FOR US THE COMMON MAN. TAKE THAT INTO CONSIDERATION BEFORE YOU VOTE. IF THIS BAILOUT IS TO HELP THE HOME OWNERS THEN YOU NEED TO GO FOR IT. DO NOT HESITATE. VOTE YES.

    October 1, 2008 09:46 pm at 9:46 pm |
  20. Joseph

    I'm not happy with it, but its about dang time.

    October 1, 2008 09:46 pm at 9:46 pm |
  21. Chris

    They are fools for not listening to the people. The people own the government. They are now traitors against the citizens. If this were the 1800s, it's be much more fun!

    October 1, 2008 09:46 pm at 9:46 pm |
  22. John Orr

    If you give the bully your lunch he will not become your friend he will just come back tomorrow for more. Sometimes it is better to take the butt whoppin and get it over with. We have to stop letting the fat cats steal from us.

    October 1, 2008 09:47 pm at 9:47 pm |
  23. Anna

    Yeah, Harry ried is very very happy, but atleast Palin knows that Americans are very very disappointed with this bail out. wall street criminals got rescued by American leaders.

    October 1, 2008 09:47 pm at 9:47 pm |
  24. Mad as a hornet

    The Senate is a bunch of traitorous folk who wouldn't know their rear end from a hole in the ground. Let's hope the House has better sense. I'm angry. I'm very angry at our government. I hope that a major backlash happens and votes these scum rats out of office. What they have done is worse than doing nothing. They should have listened to the people.

    October 1, 2008 09:47 pm at 9:47 pm |
  25. Jackie

    I guess the Senators haven't been paying attention to the government...we the people! All the various posts I have seen on the internet clearly shows the American public is against the bailout bill – but as typical politicians they have ignored the people and done what they want. Well I'm doing what I want come election time – voting for NOT One Person who is currently in office – as for President – NONE OF THE ABOVE.

    October 1, 2008 09:47 pm at 9:47 pm |
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