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.

Full story


Filed under: Candidate Barack Obama • Economy • Joe Biden • John McCain • Popular Posts • Senate
soundoff (182 Responses)
  1. Republican for change

    McRambo is probably going to try claim full credit on this.

    October 1, 2008 10:31 pm at 10:31 pm |
  2. gc

    I just hope this isn't Bush's final gift to his friends. I am disappointed in the dems (my party) for jumping on board so quickly. More study should have been put into this.

    October 1, 2008 10:31 pm at 10:31 pm |
  3. Mike

    This is extremely unfortunate. Let's hope the House sticks to its guns. If not, welcome to European socialism, folks.

    October 1, 2008 10:32 pm at 10:32 pm |
  4. Leo

    Stop the presses! No, wait...START the presses to print money to make it appear that we can pay for all of this. Folks, you ain't seen nothing yet. The dollar is soon to be worth a lot less than the paper it's printed on. There are only 3 ways to pay for the bailout...

    1. Raise taxes...But wait, we're getting more tax breaks in the bailout plan

    2. Let the government recoup some our money by taking over all the bad loans...Our government make money? Hasn't happened in the history of this country and never will

    3. Print more money..exactly what's going to happen, unfortunately the rest of the world knows we're doing it and they'll be dumping dollars like over-fed seagulls. Then the inflation crisis will force Congress to save the country from itself again with some other absurd plan that will nail our coffins(or coffers) for good.

    Inevitably the crooks in Washington will have to raise taxes big time or face a worthless dollar. They'll let the dust settle first and let Americans' short memory reset before they put the screws to us with huge tax increases. Watch...

    October 1, 2008 10:33 pm at 10:33 pm |
  5. richard

    The level of Fiscal Irresponsibility has reached new heights, now the Senate thinks they can bribe the people of America into accepting a bailout this is unwanted and un-needed. They have proved once again that they do not live in the real world and that they have no convictions, what has happedned to the party of less government and the free markets? What has happened to the country that once stood for freedom? Because of the mistakes and greed of this generation our children and grand-children will pay the price as will their children and grand-children. Vote against any incumbent Senator who voted for this bailout if you believe in America and freedom, do not let them get away with what they have done. Stand up America and defend our country from our enemy within, our leadership who thinks they know better than us, they think we don't understand, it's they who don't understand, when is the last time they took a pay cut? Let's give them a pay cut, send the bums packing. Let them taste life in the real world!

    October 1, 2008 10:34 pm at 10:34 pm |
  6. laura

    The rich get richer , the poor get poorer. business as usual

    October 1, 2008 10:38 pm at 10:38 pm |
  7. Call it down the middle

    It's not a moment too soon, the market is on the verge of collapse! I don't like the thought of bailing out companies that were mis-managed, but if the bottom fell out of the market many everyday American's would lose money! Many people would lose a vast percentage of their 401k's, 403b's, or 457 plans.

    I could care less about the CEO's, and their incompetent board of directors. Not only did they ruin the companies they worked for, but they also created a nation crisis. I don't think they deserve a penny, much less millions of dollars for the problems they caused. I think if they broke the law in any way, they should be brought up on charges just like Ken Lay from Enron.

    October 1, 2008 10:39 pm at 10:39 pm |
  8. Lisa

    Absolutely horrible bill. It was bad enough just with the bailout of Wall Street then they made it worse with those horrible additions ... I love how our goverment has no trouble suspending reality whatsoever. Where does all this money come from? Oh yeah, they can just print some... it'll be worthless (or at least worth less) but who cares...right?

    October 1, 2008 10:39 pm at 10:39 pm |
  9. why

    why the richest do not bail themselves out? They messed up.

    October 1, 2008 10:39 pm at 10:39 pm |
  10. Bulldog

    Good!!!! About time they do something together.

    October 1, 2008 10:43 pm at 10:43 pm |
  11. leslie song

    Yes, thanks to the republicans and John McCain himself as well, who deregulated wallstreet and for years, provided no oversight as their pals made millions stealing people's pension funds, we will not reach deep into our already deficit ridden pockets and dole out a bailout – because they have us with a gun to our heads and we have no choice. But we can change this country now with Obama and make it different from here on in! So register and vote for an America that will be for the PEOPLE.

    October 1, 2008 10:44 pm at 10:44 pm |
  12. leslie song

    Yes, thanks to the republicans and John McCain himself as well, who deregulated wallstreet and for years, provided no oversight as their pals made millions stealing people's pension funds, we will now reach deep into our already deficit ridden pockets and dole out a bailout – because they have us with a gun to our heads and we have no choice. But we can change this country now with Obama and make it different from here on in! So register and vote for an America that will be for the PEOPLE.

    October 1, 2008 10:45 pm at 10:45 pm |
  13. Matt

    John McCain is the kid who guesses "c" for every single multiple choice question. Ergo, sometimes he gets it right. But Palin was a "c" too...and that nattering twit is proof that the method doesn't work.

    October 1, 2008 10:45 pm at 10:45 pm |
  14. Lee A. Royster Jr.

    If we, the American people still think that these so-called 'representatives" serve us and our interest then we're delusional! I will not be voting for a Democrat or Republican this Novermber. We are insane if we keep voting for the same two-party candidates over and over again expecting different results.

    So, we have a choice between a "maverick reformer" and "change we can believe in"...YEAH RIGHT!

    October 1, 2008 10:52 pm at 10:52 pm |
  15. Moe, NY

    I say no to bailing out the failing corporations. Let the chips fall where they will. I, for one, do not want to bail out Bush and Cheney's wealthy friends...let them eat cake for once!

    October 1, 2008 10:53 pm at 10:53 pm |
  16. kim west slope colorado

    Please take time to review the "bailout plan" already changed to "rescue plan". This is why we should vote out all the congressional people who vote for this (senators, reps, what ever). I am sure they are the ones who will be bailed out. Earmarks, special interest projects no way, please. That's not what this is supposed to be about.

    Anyone up for a walkout against this?

    October 1, 2008 10:54 pm at 10:54 pm |
  17. Sammy

    Considering this is more or less a bipartisan vote, it shows up the house republicans as irresponsible. To all those who complain about this bill: its not perfect and the product of some hard compromising. I wouldnt call it a great bill either. But thats how things work in any piece of major legislation. Any. To expect anything less is irrational.

    October 1, 2008 10:56 pm at 10:56 pm |
  18. kim west slope colorado

    Walkout against the bailout10:00am 02.02.2008.

    October 1, 2008 10:57 pm at 10:57 pm |
  19. Haley

    It had to be done – even if it sort of sucks. Though really, if I hear the term "Main Street" one more time, I may cry. The cities and coasts do exist as well!

    October 1, 2008 10:57 pm at 10:57 pm |
  20. Eric

    Wow! I have been reading the comments on this site. When did CNN become a forum for liberal comments only? The election polls show a closer race than all the comments listed here. You would think the commentary would follow election trends hmmmm – unless CNN purposely doesn't post the republican/conservative view. Great job CNN – good way to be objective reporters.

    October 1, 2008 10:59 pm at 10:59 pm |
  21. Hillary Independent finally for Obama

    I think Sarah Palin might do well tomorrow night if she is allowed to only trash Obama.

    She can be asked a question and will totally ignore it and start repeating all the "isms" that her handlers have been cramming into her head the past week, all negative comments about Obama.

    She might even put some complete sentences together and combine several into a paragraph and actually sound intelligent.

    Don't think it is going to be a circus. She might make a good show.

    October 1, 2008 11:00 pm at 11:00 pm |
  22. citizen

    Taxpayers should LOUDLY voice their digust with their elected officials for backing this bill, and oust these politicians who keep selling us out!

    October 1, 2008 11:01 pm at 11:01 pm |
  23. bob in LA

    Good! When do I expect my check for stock losses? How soon do execs that were WAY over paid send back the money they received?
    Not happening? Gee- I'm shocked!

    October 1, 2008 11:01 pm at 11:01 pm |
  24. Fritz

    This is a tough situation. While "bailing out" Wall Street is really not desirable, we do need to make sure our banks are adequately capitalized to lend to our American companies so they can produce goods and continue operations.
    I am not sure this plan is the best way to do this: perhaps we should lend to American companies directly and the plan seems to concentrate too much power in Paulson's hands.
    Let's hope that the execution of this plan occurs prudently.

    October 1, 2008 11:02 pm at 11:02 pm |
  25. Mike - Lorain, OH

    For all of those against the bail-out...

    Put politics aside for a few moments and give yourself an economics lesson. Read some of the economic reasons why we are at a critical juncture; credit lending is virtually frozen. Then I suggest you do some research on the history on the Great Depression and how it could have been avoided...

    After all of this, you just might reconsider supporting the bail-out plan

    October 1, 2008 11:02 pm at 11:02 pm |
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