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

CNNMoney: Congress presses ahead on rescue

NEW YORK ( - 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: • Congress
soundoff (62 Responses)
  1. Ella

    Need to move fast, not on campaign on solving the rescue package, and to do it right you need guys who know their economics. Economics include statistics (for example CNN poll: if 41% are democratic and 30% are independent for Obama to win he needs to get at least 41+15=56%, no?, he got something in the 40s in this group. No!)

    September 27, 2008 10:44 am at 10:44 am |
  2. Brad, California

    Oh, I get it... symantics! No longer a "bailout" that 82% of Americans say should not be happening – now it's a RESCUE. This falls right in ling with the "pig" statement... "You can put lipstic on the bailout pig and you can call it a rescue, but at the end of the day it's still a pig." Where do my senators get off get off doing something like this when they KNOW the will of the people who elected them? The problem is... we keep re-electing the same idiots who screw us.

    September 27, 2008 10:45 am at 10:45 am |
  3. GPENN

    People can stop with the age old ideas. That Liberals tax and spend and Conservatives are for less government. If nothing elss has become clear in the last 8 years. It's that those old definitions don't work anymore. The conservatives ran up the debt, increased government and were far from fiscally responsible. Don't vote on myths rumors or old ideas.

    September 27, 2008 10:46 am at 10:46 am |
  4. xddy4u

    The tread I really wanted to commented on was closed , so I'll use this one. When Obama said I agree, that wasn't like, "I agree", in a debate you counterpoint, with, " I agree", but I have one better. Anyone that ever took part in a college debate know this strategy, but the average Joe takes that statement the wrong way. It show that Obama has been in a lot of heated debates, " I agree, but disagree", but BAM !!!! here come my counterpoint. Half of those analysts need running off, they act like they've never seen the inside of a college, let alone a debate. Obama won handily, he constantly springboarded off what McCian said, and then, "in your face" take this. The public need educating along with some of the analysts on the stragety of Debating.

    September 27, 2008 10:46 am at 10:46 am |
  5. Charlotte

    A dozen unresolved issues? With this Congress it may as well be a hundred. I am so glad a majority of house members are up for re-election. Maybe if we replace all of them, we might have a government that works for us.

    September 27, 2008 10:46 am at 10:46 am |
  6. Les

    After listening to McCain speak last night he finally exposed why he thinks he's a maverick and why he can't commit to any real issues. Every thing he says sounds like he's trying to justify why he was in Vietnam all those years ago and why he served in an unpopular war. He's trying to vindicate his loyalty. He really doesn't have the American people at heart; he has own psychological issues to resolve and he takes out his POW days on us. He doesn't make committments or answer economic questions because he's not a leader he's a soldier taking commands not able to give them. He's stolen all of the democrats winning strategies but since he's stolen them they're not authentic and no one believes him.

    September 27, 2008 10:47 am at 10:47 am |
  7. ran

    Once again the Republicans will use any issue to cut taxes for the rich and to do away with capital gain taxes. If a bailout were to happen it should not allow any shareholder or CEO to profit at all. The money should only go to FDIC banks and let them stimulate the economy.

    September 27, 2008 11:00 am at 11:00 am |
  8. Slow This Bailout Train!

    Rescue from what? I'm not sure I need to be rescued. I haven't got anything, I make next to nothing, I don't get it. This is all too etheral for me. If we were not told "the sky is falling" we wouldn't all be in such panic. But, one day a guy who plays with money for a living says "the sky is falling" and now we're freaked out.

    God I'm tired of politics and tired of alarmist, fear mongers. I'm tired of the GOP, which just ain't so "grand" any more and I'm tired of the impotent, self-destructing Dems.

    Back to my original question... what are we being rescued from? It just seems like this is another Bush administration stunt and while things are horrible economically speaking, I just can't figure what the whole headless chicken routine is about.

    I think this is all a bunch o' bs and I think there is a hell of a lot "more" to this story than is being told. Of course, our President has let us down, our representatives (on both sides) have let us down, and our news media have let us down.

    Maybe I'm just not too bright.

    September 27, 2008 11:02 am at 11:02 am |
  9. Texas Witch Twister


    September 27, 2008 11:15 am at 11:15 am |
  10. JD in NC

    If McCain just states obvious facts like "We can't have a bad plan", then of course Obama can say "John is right".

    Obama did disagree on more specific points, like whether we should ignore pursuing al-Qaeda and Bin Laden.

    September 27, 2008 11:15 am at 11:15 am |
  11. linda from South Dakota

    lets just take bush out of those meetings and then i bet a solution will be reached, bush is so dean on getting this money to fix a problem he created,,,, its time to realize that bush anlong with others have gotten us into a very unpolular war,, hes peeved of many of our allies,,, which doesnt help either,, obama has the right plan,, mccain is more of the same,,, its time americans realize that bush made the mess and now wants us as tax-payers to help fix,, where was/is he when we needed help? (counting his millions)

    September 27, 2008 11:16 am at 11:16 am |
  12. Slow This Bailout Train!

    I think Les is right. I walked away feeling McCain's is trying to still get over Vietnam. This whole idea of "winning" in Iraq is almost childish. His approah to diplomacy, if that's what folks want to call it, is a throwback to the 1940's – 1960's.

    John McCain has lost a step. I voted for him once. His days and his ways are at an end. I just wish Cindy would sit him down out of love and say "John, we gotta talk..." In my comments the past few days I'm said that this campaign has officially gone from "scary" to sad and pathetic. Last evening wasn't as bad as it could have been for him, but clearly he's lost a step.

    And... just for redundancy.... Sarah Palin? What's up with that? I bet she is gone from the ticket before election day and replaced with Joe Lieberman. Hell, she may be off the ticket before next Thursday debate.

    September 27, 2008 11:16 am at 11:16 am |
  13. Ray Fisher

    As long as mortgage, credit card companies, and miscellaneous loan sharks are advertising on TV, convincing Mainstreet America that a bailout is necessary may be very difficult. The ads are overboard and we average joes are saying, What's the problem???

    September 27, 2008 11:16 am at 11:16 am |

    JAMES FROM CHICAGO, YOU ARE ABSOLUTELY RIGHT. McCain paused when this question was asked of him a couple days of go. McCain just had the deer in the head lights look when he was asked about the cap on CEO's.

    September 27, 2008 11:16 am at 11:16 am |
  15. Texas Witch Twister


    September 27, 2008 11:17 am at 11:17 am |
  16. Glenn; Bakersville, NC.

    I still firmly beleive that it took a long time to get into this, and it needs to be looked at more thoroughly before we just jump into a solution that we're pocketing the expense for. No package should allow for Executive bonuses or "Golden Parachutes" of any kind for failing companies that are going to be subsidized by our tax dollars. We don't reward failures, in life or in business.

    September 27, 2008 11:22 am at 11:22 am |
  17. Jenny

    I think Obama was VERY disrespectful to SENATOR John McCain. I am sure if SENATOR McCain has called obama by his first name Obama would have felt this to be very disrespectful but like all liberals it doesn't matter unless it happens to them personnally. SENATOR McCain was working on the problems at hand all this week whereas Obama was working on his proformance for this debt. This should tell everyone who really care about this country.

    September 27, 2008 11:23 am at 11:23 am |
  18. mitch

    the bailout is a must. i dont like it, but, we cant allow repubs to let our entire economy collapse, after their failed policies. those who are responsible should be brought to justice, and the $ should be paid back to taxpayers , so we can use it to enact obama's energy plan, when he's president. repubs need to pay for this, at the voter's booth!

    September 27, 2008 11:26 am at 11:26 am |
  19. Misha

    Congress and all senate are taking the Media and the AMERICAN people for a long rollercoaster ride. Americans watch the Media. what ever happens to the Media, happens to american people. Right now..the media is on a rollercoaster on this bail out plan and so are american people. this is a shame.

    September 27, 2008 11:26 am at 11:26 am |
  20. deborah

    The problem is they both have it wrong. I truly believe that our economic woes are a direct result of big business being more concerned with lining their own pockets in the short term rather than strategically planning for the longevity of their business enterprise. When the weight at the top of the economic pyramid becomes so heavy with multi-million dollar contracts, the base of the pyramid (small business and the working man) suffers collapse. A better plan would be to make low interest up to $100,000 loans available to the 4.5 million small businesses in this country (regardless of credit history) but with the following caveat, the loan proceeds must be used to pay down unsecured and secured debt and to create job opportunities. This plan would insure that at least the same percentage (and quite likely a higher percentage) of the funds would be recovered over the life of the loan, it would create cash flow for the large investment banks in that the funds would "trickle up" for a change as small business paid off their debt and put their businesses on firmer footing. Plus, even if every small business in the country took advantage of the program, it would cost the tax payers far less than the $700BILLION price tag of a wall street bail out. (approx 450Billion). We have proven over the past several years that "trickle down economics" only benefits the well off and well connected, it is time to try something completely new.

    September 27, 2008 11:29 am at 11:29 am |
  21. Carol NC

    We should not bail out rich folks. No one told them to be greedy buttholes. Greed always get in the way of progress.

    September 27, 2008 11:30 am at 11:30 am |
  22. Rave

    The best part of the debate was from Mr. Obama :

    September 27, 2008 11:30 am at 11:30 am |
  23. Jeff Spangler, Arlington, VA

    If this is such an emergency: (1) why weren't we told about it sooner by a Treasury and Federal Reserve which should have known it was coming? (2) why must Congress act so quickly? (3) why can't Congress stay on the job until December 31 like the rest of us to get it right? (4) why do greedy and criminal financial firms deserve a cent of my taxes to keep them from dragging us into a deep recession, which is likely to occur no matter what short-term bogus fix Congress enacts?

    September 27, 2008 11:32 am at 11:32 am |
  24. PCS / North Carolina

    In a different thread;
    sharon September 27th, 2008 9:22 am ET

    "As is the case with Obama's supporters, I found him not only naive, but disrespectful and rude. When Obama was speaking, McCain listened quietly, without attempting to interrupt or interject his opinion. Obama did not reciprocate."

    Are you kidding ? McSame looked like an angry old man, ready to explode. He did not even look at Obama once, gave him a lecture about his experience, about the past not the future !!. Is this the way he wants to talk to the heads of states. ?
    If You happen to listen to the debate. What do you think Spain's stance would be on U.S.A if McIDIOT becomes the president (A NATO member). He insulted Putin by saying "K.G.B written on his head" – Putin was "GWB Buddy" !!. Thease sound bites will win him votes for sure, and will make him the next president. Remember, With his angry rhetoric and attitude,McIdiot will push the red button a heartbeat. Get ready for the ARMAGADDON.

    September 27, 2008 11:33 am at 11:33 am |
  25. Beverly J. Aksamit

    McCain never once looked Obama in the eye, even when they first came out on stage. Mr. Lehrer tried repeatedly to get them to converse with each other and Obama tried to comply but McCain was too busy practicing the Bush smirk, next debate, he will practice the wink. Obama was too nice, probably because most of us are taught at an early age to show respect to our elders, however that rule shouldn't apply when they are showing nothing but disrespect toward you. McCain is past his time and past his prime, he proved this when he picked such an unqualified candidate for his V.P. Obama is by far the better candidate for the future of our country.

    September 27, 2008 11:33 am at 11:33 am |
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