September 27th, 2008
09:05 AM ET
13 years ago

CNNMoney: Congress presses ahead on rescue

NEW YORK (CNNMoney.com) - Negotiators from Capitol Hill and the Bush administration – after working well past midnight – are set to resume talks Saturday over a proposed $700 billion bailout of the financial system.

The talks, which broke at 1:40 a.m., involve staffers from Congress, the Treasury Department and the White House, a senior administration official told CNN.

The exact status of the legislation and the next steps remained unclear, but officials say they face pressure to agree on a bill and vote very soon.

Fewer than a dozen "unresolved issues" remain, a spokesman for a key lawmaker said Saturday.

Full story


Filed under: CNNMoney.com • Congress
soundoff (62 Responses)
  1. NH Mom

    All I could think was that Clinton would have easily beat both men in this debate. If only the Democratic superdelegates had selected her.....like the primary voters did

    I'm still split on voting for Clinton as a write-in and voting for Obama (and only because I live in a swing state would I vote for someone other than Clinton).

    September 27, 2008 09:50 am at 9:50 am |
  2. Randy

    This bailout is horrible. The democrats are up to their necks in corruption with Barney Frank and Harold Raines at the heart of this mess with their push of subprime loans to people that couldn't afford them.

    September 27, 2008 09:54 am at 9:54 am |
  3. Marie Ontario

    It won't matter what they do about the bail out as McCain has lost this one because his policies and party created the mess and he'll never get out from under that one or his take on the fundamentals of the economy being strong.

    Bloggers and pundits can all claim one candidate won over the other in the debate but the main point is McCain didn't hit a home run or have a knock out punch. Translation this means his claim of experience over Obama is now null and void.

    My guess is the election will now be about history and with McCain being tied to hip with Bush and still advocating his policies Barak Obama wil be the next president.

    September 27, 2008 09:55 am at 9:55 am |
  4. Joseph Regis

    I think it is clear that both candidates want the crisis to be resolved as soon as possible and that time is of the essence.

    But last night Obama clearly articulated and laid out his plan in a comprehensive term as to how to change the country from the failed policies of the repubs that McCain wants to continue.

    Obama also clearly demonstrated that he has full command of the foreign issues facing the nation.

    Obama/Biden 08/12.

    September 27, 2008 09:56 am at 9:56 am |
  5. No Country For Old Men

    I have 700 Billion reasons not to vote for John McCain.

    Obama / Biden 08

    September 27, 2008 09:57 am at 9:57 am |
  6. GUY

    We are bailing out people who don't know how to run a business so that they can what, suddenly become better leaders?! Won't happen and a bailout this big with no kind of accountability for these WEALTHY idiots is our governments was of failing us – the people who they are supposed to represent.

    Stop the bailout – let them fail. I don't care. 700 MILLION DOLLARS PEOPLE!!! That's ridiculous. WaMu (the biggest financial failure) was bought out for 1.9 million by JP Morgan... so, WHY do we need SEVEN HUNDRED MILLION DOLLARS to bail out these other companies?! WE DON'T!!

    Also, how much money has been raised for both sides of this presidential campaign? MILLIONS of dollars. Hello? There is plenty of money in America – we just putting it in wasteful places!! Did you know we spend $450 billion dollars is spent on Christmas every year? It's true.

    And America is claiming crisis. We are stupid.

    September 27, 2008 10:01 am at 10:01 am |
  7. one nation under god!!!!

    No bailout ever.If the dems force this bill through then the pitchforks will be out for them.There will be hell to pay.McCain needs to return and stop this deal again.Stopping the deal last time was even a greater service to this country then his time as a POW.Anyone for this plan should have their right to vote revoked.Probably too are the same ones who got us into this mess.Sorry dems,lazy minorities and college punks who hav no idea what the real world is like;no bailout ever.Remeber this word dems ARMED REVOLT.We are goona send all you liberal fascists packing to cuba and venezuela.They have a govt. of more to you liking.Also youll be able to be your typical american hating selves there.

    September 27, 2008 10:02 am at 10:02 am |
  8. Joe Citizen

    I add this here as I am shut out in areas where it should go.

    I personally found it arrogant and offensive that the would be King Obama referred to President Bush as Sen. McCain’s President. Well Obama has not yet been anointed King yet, so President Bush is his President too!!!!

    September 27, 2008 10:04 am at 10:04 am |
  9. aliou FL John Mckeating five

    Mcain is dangerous as would an unruly "cheriff" or what else he calls himself. The American people don't need a sheriff. They need a president who is cool and poised and can discuss our problems with insight and wisdom. Not an old teenager McCain showed himself to be last night.

    September 27, 2008 10:10 am at 10:10 am |
  10. Maggie VT

    Maggie, VT

    LIke I said, my comments are never put on this site, so I will go to another site where they actually care what people say in this country.
    Thanks for nothing CNN

    September 27, 2008 10:10 am at 10:10 am |
  11. aliou FL John Mckeating five

    Obama 08 our next president.

    September 27, 2008 10:11 am at 10:11 am |
  12. Matt

    Obama 44, McCain 22. That's according to yor own bipartisan panel CNN. You have studiously ignored it. Your ad revenues won't hurt as much as you think if you report the truth. The media thinks it's got us all coralled, but the reality is we want nothing more and nothing less than just the truth.

    September 27, 2008 10:12 am at 10:12 am |
  13. Sue in MI

    Of course Bush wants this rammed through-he's trying to make people believe he's actually in control. I applaud the Republicans for slowing this process down and actually looking at alternatives to an open-ended, no paper trail check to the Treasury. I do not believe that taxpayers should be bailing out a company's bad decisions, and look, it's a week later, and we're still standing. The markets are OK, and gas prices are down.
    If we bail out these companies, and these greedy people who took on more mortgage debt than they could ever pay, and credit card debt that we've been warned about over and over, why should they ever learn the responsible way? I don't feel sympathy. We have never had a late payment on anything, and never pay interest on credit bills, because we pay the balance every month. Plus we save a percentage. What's so hard about that? Grow up, people.

    September 27, 2008 10:15 am at 10:15 am |
  14. Bailout Cut DOD

    We should not approve the bailout and we should cut the defense budget in half!

    September 27, 2008 10:17 am at 10:17 am |
  15. James From Chicago

    I will bet all I own that the top C.E.O. will still get their million
    dollar pay out. And we the taxpayers will pay for that.Greedy
    lying, dishonest top executives will still get their money and nothing will happen to them.

    September 27, 2008 10:17 am at 10:17 am |
  16. Scott L

    Did Obama fly back to DC????????

    September 27, 2008 10:20 am at 10:20 am |
  17. McCain thinks we are stupid

    If the ERRATIC MAVERICK will stay away.... they will get an agreement. McCain can't look at the person he is debating with.... this shows the FEAR in him. OBAMA WON THE DEBATE BECAUSE HE IS EXTREMELY SMART AND HONORABLE.

    September 27, 2008 10:24 am at 10:24 am |
  18. Scott L

    Well, according to Obama, 9 times in the debate he said "John was right".

    At no point in the debate did McCain say that Obama was right. He continued to question, say he didn't get it, or not comprehend. Brilliant debate.

    Republicans already have a new ad out with Obama saying McCain was right.

    So maybe McCain is right on this bailout.

    September 27, 2008 10:25 am at 10:25 am |
  19. meee

    We need our President Obama in the WH right now

    he will take us in the much needed direction........

    September 27, 2008 10:30 am at 10:30 am |
  20. CHARLES L CURRY

    MOST AMERICANS ARE 'MAD AS HELL' ABOUT THE SITUATION WE FIND OURSELVES IN; NEVERTHELESS WE ARE THERE. THIS IS NOT THE TIME TO FIX BLAME, INVOKE POLITICS, GRAPPLE IDEAOLOGY, RACISM,ETC. WE ARE ALL IN THIS TOGETHER AND THE FUTURE OF OUR COUNTRY IS AT STAKE. WE MUST TRUST THE EXPERTS AND THEIE RECOMMENDATIONS. WE CANNOT RISK A DEPRESSION OR WORSE. PLEASE AMERICA DON'T CUT OFF YOUR NOSE TO SPITE YOUR FACE.
    BAIL OUT AMERICA!

    September 27, 2008 10:31 am at 10:31 am |
  21. S.J.

    For the past 8 years we have had an arrogant president who did not want to listen to his advisors and last night's debate showed McCain is cast out of the same mold. McCain was arrogant and condesending. I would not want someone like him representing the American people. We don't want a "fighter pilot", we want someone with diplomacy who can stay above the fighting.

    September 27, 2008 10:33 am at 10:33 am |
  22. Tom in MA

    This bailout is totally idiotic, especially if they give away 20% of any recovered money to ACORN. Let these firms bail themselves out or go down the tubes. It's going to to be hard for Americans either way, but hopefully will get rid of some of these greedy crooks instead of rewarding them.

    September 27, 2008 10:35 am at 10:35 am |
  23. bbp

    Overall was impressed by Obama last night!!

    September 27, 2008 10:39 am at 10:39 am |
  24. Charlotte

    Neither one said how they would vote on the bailout? I was bored by the the stump speech answers. With the economy being what it is, don't expect any of the campaign promises to be kept that allude to a tax break. Obama wants to move the troops to Afghanistan, how will that save 10 million a month? Is the cost cheaper there? I don't see how moving troops to another location will cut cost. Empty promises, much like our gas tanks

    September 27, 2008 10:43 am at 10:43 am |
  25. Mr Republican

    It's a bailout, not a "rescue". It's also criminal. It's more Godly to steal from the rich and give to the poor. It's delvilish to steal from the poor and give to the rich.

    September 27, 2008 10:43 am at 10:43 am |
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