September 23rd, 2008
11:15 AM ET
14 years ago

Democrats fret over McCain bailout position

[cnn-photo-caption image= caption="Sec. Paulson testified before the banking committee Tuesday."]
(CNN) - A Democratic congressional leadership source tells CNN that Treasury Secretary Henry Paulson, after talking Monday to Republican nominee John McCain, assured a member of the Senate Democratic leadership that McCain would be "fine," and vote for the bailout package.

But a senior McCain aide still insisted the Arizona senator hasn't decided how he'll vote, and won't until he sees the full and final package. Like Democrats, he is hoping the legislation will include an oversight board and a CEO compensation cap.

The Democratic leadership source said there is concern that with more and more Republicans raising concerns over the package, if McCain would vote against it, it would give other Republicans cover to oppose it as well. If that happens, Democrats would have to provide most of the votes - the last thing the Democratic leadership wants.

Filed under: Congress • John McCain
soundoff (166 Responses)
  1. Pam

    The very worst part about all of this is that so many people in the US are not learing anything from the last 8 years.

    The people who vote on the pro life candidate are foolish. Bush made it a cornerstone to his campaign (just for votes) and had the justice to do it and never did and McCain is doing the same.

    Wake up people!!!!

    September 23, 2008 01:09 pm at 1:09 pm |
  2. will

    Hey Democrats, do a little research on the 2005 Senate Bill S190. It will be an interesting lesson on economics and causes of the current crisis.

    September 23, 2008 01:09 pm at 1:09 pm |
  3. Bulldog

    McCain is a fraud. His entire stump speech is talking about reforming himself, the Washington insider. For 26 years he has been a deregualaor and now all of sudden out of the blue he is a regulator. Wow, what a surprise!

    September 23, 2008 01:10 pm at 1:10 pm |
  4. Thanks But No Thanks

    Hee Haw-Observing-Joe Kiloz (who are mostly likely one in the same)
    Do you type in all CAPS just to emphasize your studipity? The Dems have held a slight majority for the last 18 months or so-not enough to force a vote or override a veto. Who had control for the 15 years prior to that? It is the Republicans that have pushed deregulation, and continue to do so even with this bail out plan they are trying to rush through. Please pull your head out of your posterior.

    September 23, 2008 01:11 pm at 1:11 pm |
  5. Jim

    I am really tired of our government doing everything to create the right impression and spending more time finding scapegoats than making policy ... I want someone who says what they are going to do because they believe it is the right thing to do, not because it will get them elected.

    John McCain is the person who has fit this bill over the last 25+ years and he is the most likely to continue to do so as president.

    September 23, 2008 01:11 pm at 1:11 pm |
  6. Rudy NYC

    If nobody wants to be on record as having voted for this ugly legislation, then scrap it and let the economic chips fall where they may. It seems that there are too many politicians in Washington who do not know what this means, "By the People, For the People." They act as if it reads, "By their party, For their party"

    September 23, 2008 01:12 pm at 1:12 pm |
  7. Beverly, NYC

    Measure twice, cut once. It did not take one day for AIG to get themselves in this mess it should not be bailed out overnight. AIG's former chairman said the bailout could be done for 20 Billion I say let them clean up their own mess. It will be a lesson next time they get greedy and want to play it fast and loose

    Sound like McCain is having a day after flip flop on this issue. I am amazed some voters think he is qualified to be President. Anyone in Congress for 26 years who sits on the Commerce committee should have a better grasp of the issues. Who is going to be Mccain's brain in the White House. Given the talking heads I've seen in his campaign Rick Davis, Phil Gram, Tucker B. there isn't an active cell between them. And if Ms. Palin thinks she will be running things with John's army of good old boys around, she will need a sherpa to find the oval office.

    September 23, 2008 01:14 pm at 1:14 pm |
  8. Pam

    700 billion with no's a no brainer!!!!

    Paulson continues to say he is going to do this in small batches, then let him have a shot with say 150 billion and prove it works.

    He is done in a few months and goes back to his own personal 500 million dollar life.

    I don't trust him!!

    September 23, 2008 01:15 pm at 1:15 pm |
  9. Mike - Texas

    The bail out is a BAD thing that will continue to drag down the economy.

    The government taking control of these companies is another BAD thing.

    The democrats that were overseeing the banking commission and the SEC just didn't do their jobs on this. They were being funnelled too much money.

    September 23, 2008 01:15 pm at 1:15 pm |
  10. irish

    Don't let them get away with this. This is highway robbery. These big corporations did themself in by being corruption and cooking the books. Let them fall and put these people up on criminal charges for what they have done with our money. We should not have to bail these people out because of there greed!!! I can't even believe that Paulson wants to push this through without any oversight, accountability or review. Does he think we are stupid. This is our money he is talking about. What is he trying to get away with?? Paulson, it is not going to happen unless there is oversight.
    You are not going to take the American people's money because you want to. Get it through your head. American's are mad as Hell!!!!

    September 23, 2008 01:16 pm at 1:16 pm |
  11. Bill Charlotte,NC

    McCain for it Monday.... Undecided Tuesday... who knows where he will be Wednesday (It will be where ever his spinners write for him)

    September 23, 2008 01:17 pm at 1:17 pm |
  12. Crispus

    Congress was run by the Republicans from 1994 to 2006 when most of the deregulation of the banking and securities industries occurred. It is Republicans who should pay for this mess.

    September 23, 2008 01:17 pm at 1:17 pm |
  13. theProgressiveBigot

    Why should the democrats be against it!? It's certainly not going to effect their non-tax paying constituent’s ignorant little lives....

    September 23, 2008 01:18 pm at 1:18 pm |
  14. Darrel from Denver

    No bailout unless we, the taxpayers, get to run the companies we bought and get to dictate the terms under which we run it.

    Paulson's statement regarding McCain appears to be nothing other than his sorry attempt to convince others to get moving on his BS proposal. Typical ploy by the Bushies, frankly. Pressure the Congress without clear validation. Reminds me of another BS proposal they got through – the Patriot Act.

    Take your time and either do it right or don't do it all. Don't worry what McCain and the Repubs say. Do what you think is right.

    September 23, 2008 01:18 pm at 1:18 pm |
  15. Maggie From Virginia

    For 26 years McCain has worked to deregulate banking industries. There's no way he can hide from this. There's nothing he can say to spin this one. Everything is coming to light now. Talk about divine intervention!

    September 23, 2008 01:19 pm at 1:19 pm |
  16. Rae

    Both parties are to blame because they put the interests of corporations over the people they are supposed to serve. The consumers have been stripped of all protection because of deregulation. Greed, plain and simple, has got us where we are now. If those who are drafting the bailout don't want to put in protections for the taxpayers, then let Wall Street fail. I don't see why we should let them have the lifeboats while we do the bailing.

    September 23, 2008 01:19 pm at 1:19 pm |
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