September 30th, 2008
08:15 PM ET
15 years ago

McCain, Obama, Biden to return to D.C. for Senate bailout vote

WASHINGTON (CNN) - The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.

The bill adds provisions - include raising the FDIC insurance cap from $100,000 to $250,000 - and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.

The vote is scheduled for after sundown, in observance of the Jewish holiday. Republican presidential nominee John McCain and Democratic nominee Barack Obama and his running mate Joe Biden confirmed that they would be present for the vote.

The bill also includes a "Mental Health Parity" provision, which would require health insurance companies to cover mental illness at parity with physical illness.

Democratic sources told CNN that they expect bipartisan support for the bill. Because tax bill must originate in the House, the Senate is attaching the rescue plan to a bill that deals with renewable energy tax incentives.

This would allow the Senate to vote before the House to approve a bailout bill.


Filed under: Economy
soundoff (262 Responses)
  1. The more ignorant they are, the louder they shout

    It appears there are a lot of people who are offering strong opinions about this bill who have not even skimmed its actual contents. Yes, it's 110 pages of somewhat dense legalese. I just don't understand how you can:

    1. Criticize specific components of the plan that simply don't exist
    2. Offer opinions on the net impact of the plan unless you are a Wall Street veteran or a PhD in economics
    3. Regurgitate opinions of partisan political pundants who are not qualified to offer an informed opinion or have a huge axe to grind regarding the bill

    The proclivity of some people to confidently and loudly proclaim their opinions is often only outstripped by both their lack of knowledge and their ignorance of the facts. If you do not understand the bill, please shut up and let your elected representative take care of it.

    October 1, 2008 12:22 am at 12:22 am |
  2. sandee in Portland

    We're not talking about credit cards people. We're talking about credit that your employer needs for payroll, supplies to maufacture items, people being able to buy cars, houses, etc. If people can't buy, there is no trickle up theory.

    For anyone that has a doubt, such as John who wants to know how many earmarks are in the bill. Go online, the entire bill is there for you to read. If more people would read it then they would understand. This is not just about Wall Street! It's about the banks extending credit to our employers, etc. for daily operations, when the business is small or employs thousands of people.

    Get real and read the bill before you make any more stupid comments. As usual the majority of the American public starts speaking before they do their homework and make uneducated remarks.

    October 1, 2008 12:24 am at 12:24 am |
  3. David

    If Paulson sincerly believes that his plan is the right thing to do than he should demonstrate his sincerity by resigning. If he is unwilling to let other people execute his plan... than the truth is he is just looking for another opportunity to further enrich his friends.

    October 1, 2008 12:29 am at 12:29 am |
  4. JFK

    Democrat for John McCain

    "Obama is coming to DC to vote 'Present'. What a hypocrite. he has done nothing and he knows nothing. Sikcne when did he become an economist. He has no experience in politics and now he wants to talk about bailout. He has blinded Americans and media has been pro-Obama. Barack -Get lost."

    Sorry Democrat, if you do not see that Obama has more leadership skills in his little finger than all of McCain has, then please vote for McCain. In fact, just join the Republicans and do us a favor. I am not happy that Hillary lost but Obama is the better choice. I can not and will not turn our country over to a bunch openly crooked and hypocritical excuses for leaders. We have suffered enough the last 8 years. NO MORE!

    October 1, 2008 12:35 am at 12:35 am |
  5. Barbara CA

    Thank you Senators Obama, Biden and McCain. Please let all the other Senators know that if our founding fathers had not understood when it was time to work together and move in a new direction; our country would now be called 'New Britain'. We would be using the metric system, buying petrol and driving on the left hand side of the street. Now is the time to make the best choices for the American people.

    One man, one vote.

    October 1, 2008 12:40 am at 12:40 am |

    wake up America. No obama . He is not good for America.

    October 1, 2008 12:57 am at 12:57 am |
  7. Laura

    Why do Republicans always want to give tax breaks to the wealthy and none of it to your average citizen. and democrats should be fighting for middle america, if that's who they say they represent
    Call it what is, Another tax break for the rich. I see nothing about middle america.

    The rich get richer and the poor get poorer. I'm not voting anymore, Another 4 yrs of this crap.

    October 1, 2008 01:05 am at 1:05 am |
  8. k

    Colin: A better question in my mind is why is a body of the US govt taking a Jewish holiday off? It is not a national holiday in this country. Does the govt of Israel take off on our American holidays? Should any holiday be observed during what they themselves have deemed a national catastrophe?

    October 1, 2008 01:06 am at 1:06 am |
  9. Cam

    to john above regarding contributions from Freddie and Fanny

    Do some research before you contribute to the discussions. Obama's contributions came from employees of the companies. McCain had even more contributions from the companies although his came from the CEO's and executives (you know, the crooked ones who caused the problems....).

    Oh, and McCain's campaign manager Rick Davis has collected over two million dollars in fees up until last month through his lobbying company.......

    So, john, just STFU until you actually look past the republican spin and do your homework.

    October 1, 2008 01:11 am at 1:11 am |
  10. Know your History

    Why stop at adding credit card debt, lets add unpaid student loans, how about library overdue fees and video rewind fees? Lets pay off every single overdue notice and delinquency all in one shot.

    We can just have other people pay for it. How about we call in the markers other countries owe us? I know the Marshall Plan has never been paid back and Europe seems to have money to spare. How many billions have we "loaned" Israel since the 70's and not one penny has come back? Not to mention the many many other countries that owe us in one way or another over the years.

    What? That's a crazy idea? And you think printing 700 billion dollars, allowing the government officials who helped cause this and give it to the companies that racked up the debt IS a sane one? The Germans once printed money to pay off their debts, how did that work out again?

    October 1, 2008 01:21 am at 1:21 am |
  11. Daniel Baker

    Sick and tired of all this bashing.

    Come on! There isn't a single sidewalk quarterback out here who would not get bashed to high heaven, not one who would have all kinds of nitty faults found out about him or her, if he or she made a run for it. And once in office – ANYONE who is elected will get hit, and get hit hard, by both sides: too much this way.. no, no, too much the other way. Anything and everything that goes wrong will be blamed on that person, including Obama. If elected, he WILL be blamed for plenty of stuff, rightly or wrongly.

    What I do NOT like is the debate I heard the other night where Obama just simply could not stay with the issue to be decided on. He HAD to repeatedly and continually cast blame on the Republicans. I cannot abide that at all; that dirty bashing nauseates me. What goes around comes around, MISTER Obama. Sometimes big time! I find myself really hoping that it does.

    Yes, I'm a whitey. But yes, have very, very close black friends. My dislike is for bashers, ANY bashers, not a dislike for race.

    Give Sarah a break. She might end up being better for this country than any of you could ever be, and better than any of the other three. Wouldn't that set your flapping jaws asunder.

    October 1, 2008 01:23 am at 1:23 am |
  12. steve Gillispie


    October 1, 2008 01:24 am at 1:24 am |
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