September 30th, 2008
08:15 PM ET
14 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. Concerned Citizen

    Senate needs to ensure that other options to curtail the credit mess are burdening the American citizens with a $700 billion dollar tax. The free market will be able to bail itself out with a little bit of common sense regulations by the government.

    September 30, 2008 08:09 pm at 8:09 pm |
  2. The beatings will continue until morale improves

    Boo... Hiss...

    What part of "monumentally unpopular" do you dolts not understand?

    Any representative who votes for this bailout should simultaneously purchase a plane ticket for their home district, because that's where the American voters will send them Nov. 4.

    Simple Math:
    Vote for Bailout = Pack your bags

    September 30, 2008 08:09 pm at 8:09 pm |
  3. Concerned Citizen

    Senate needs to ensure that other options to curtail the credit mess are implemented, before burdening the American citizen with a $700 billion dollar tax. The free market will be able to bail itself out with a little bit of common sense regulations by the government.

    September 30, 2008 08:11 pm at 8:11 pm |
  4. Shannon

    Oh wow, is Obama going to rescue us! I am so sick of listening to both sides snipe and blame each other, but the Democrats have been the absolute worst. Every member of the house who rushed to get on camera and blame the other side needs to be voted right out of office.

    September 30, 2008 08:13 pm at 8:13 pm |
  5. Paul

    McCain has a small maritime border with insanity.

    September 30, 2008 08:14 pm at 8:14 pm |
  6. jeff

    First off, look who are we trusting that there is actualy a financial crisis, how many bankers have steped up and said "we are in trouble" Remember these people swore there were WMD!!
    This is a scam, and George Bush's last win if it happens, Stop this bailout totaly, do not beleive what these people are pushing, The stock market will survive, If a business cannot survive without a loan they are not a self sustaining business and probably do not deserve a loan and surely do not need to be in business, this is probably the reason we are here if we are truly in trouble?
    All the politicians probably have bought into these savings and loans now at there lowest point, and when the american people bail them out and the stocks shoot back up, the become billionaires at the cost of the american people. They do not care if you vote them out the made it BIG!!!!

    September 30, 2008 08:14 pm at 8:14 pm |
  7. No Hillary = No Obama

    Money talks and Bush will soon walk. Start fresh, lessons learned and money lost. Obama played the blame game; McCain grandstands; Pelosi scolds; Barney Frank blusters and Pauslon – just show him the money. The whole thing is a reflection of the do-nothing, exclusive club that congress has become. Populated by millionaries, crooks, scoundrels and the untalented riding a gravy train. TERM LIMITS – out with the old, in with the new.

    September 30, 2008 08:16 pm at 8:16 pm |
  8. pam from MI.

    I believe that this is all just a bunch of crap. I have notified my senator and representative that if they vote in favor of this bill I will most certainly not vote for them in november and for years to come. I am totally digusted by washington and feel that this all stems from greed.

    September 30, 2008 08:16 pm at 8:16 pm |
  9. Estelle Shipp


    September 30, 2008 08:16 pm at 8:16 pm |
  10. voter

    I am wondering what the revenue bill is. I hope it includes the economic stimulus plan to create jobs in building bridges and roads. I am surpised the senate will vote on the bill considering the house has not.

    September 30, 2008 08:16 pm at 8:16 pm |
  11. Griff

    The USA keep talking about: "Poverty". They have no real idea what that word means. I do! Your "Hey-Day is over". You Gamble, and you lose... There is no "Cream", on the Cake! Unless you stop taking the Top-Off, long before it's had time to set...

    September 30, 2008 08:17 pm at 8:17 pm |
  12. pam from MI.

    so raising the cap on the insurance really helps the little people right?

    September 30, 2008 08:18 pm at 8:18 pm |
  13. Jeff

    I am writing to tell you that you MUST vote NO on the TARP bill in it'e present form! We can do much better. It is time for the will of the American people to be heard and we do not want this bill enacted!

    September 30, 2008 08:20 pm at 8:20 pm |

    Hey CNN –

    You've got 8 articles with Obama basically about Obama.
    You've got 5 for McCain and 5 for Palin
    Guess how many for Biden?!?!

    And most of the Obama ones paint him negatively, while the McCain/Palin articles seem to have been written by a GOP operative!

    Stop tanking it for McCain!!

    September 30, 2008 08:20 pm at 8:20 pm |
  15. Tejano

    I would like to see a provision that allows the financial institutions that hold your mortgage to adjust the mortgage payment to no more than 25% of your income for at least the next 5 years, this will allow people facing foreclosure to rewrite their mortgages in accordance with their ability to pay. Also Bankruptcy Judges should have the authority to
    adjust the mortgage to the value of the property at the time of filing for bankruptcy and also be able to discharge all credit card debt, a provison that was changed during the Clinton Administration.

    September 30, 2008 08:20 pm at 8:20 pm |
  16. Henry Miller, Cary, NC

    This is no less a taxpayer ripoff than the house version. The only right answer is to let the irresponsible CEOs and corporations suffer the consequences of their own greed. If that involves bankruptcy, so be it. As far as I'm concerned, it ought to involve jails too.

    September 30, 2008 08:23 pm at 8:23 pm |
  17. No Hillary = No Obama

    Yea, yea, yea......that's how they will all vote. Bailout will fly, Obama will spin things to his advantage and McCain will stay the course.

    September 30, 2008 08:24 pm at 8:24 pm |

    When the system resets, we're all equal. People must help strangers, neighbors will BBQ outside, TVs will be turned off. This is probably the best thing for humanity.

    September 30, 2008 08:28 pm at 8:28 pm |
  19. jules

    Yes, I know it is difficult for the Obamanuts to accept this fact but McCain actually warned the Dems about this financial crisis TWO YEARS AGO! Also, Obama's wonderful idea of increasing the Federal Deposit Insurance amount to $250,000 is not his original idea. Sorry "folks (word over-used by Obama), again, but the Republicans tried this too. They wanted to increase it based on inflation going back to 1980 when the $100,000 limit was set. So much for the great Obama. He can keep trying but hasn't had an original thought since, hmmm? EVER!

    Fact Check: Did McCain warn about Fannie, Freddie 2 years ago?

    The Statement: A television ad titled "Rein," released Tuesday, September 30 by Republican Sen. John McCain's presidential campaign, repeats a claim McCain has made repeatedly on the campaign trail — that he called for more oversight of lending institutions Fannie Mae and Freddie Mac. "John McCain fought to rein in Fannie and Freddie," the ad's narrators says, before citing media reports on McCain's efforts.
    Get the facts!

    The Facts: In May 2006, McCain was speaking on the Senate floor in support of the Federal Housing Enterprise Regulatory Act of 2005, a plan he had co-sponsored. In the speech, he cited a federal report, saying that "Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets." He also noted a $3.8 million fine Freddie Mac had recently paid to the Federal Elections Commission over problems with disclosure of its political lobbying.
    "These are entities that have demonstrated over and over again that they are deeply in need of reform," McCain said in the speech. He urged senators to support changing how the institutions were overseen by the government. "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole," McCain said in the speech.
    The legislation, which never became law, would have moved oversight of Fannie and Freddie from the department of Housing and Urban Development to an independent Federal Housing Enterprise Regulatory Agency.

    September 30, 2008 08:28 pm at 8:28 pm |
  20. marianna

    So, both parties are about to betray the taxpayers. It may be quite interesting election in November, if neither wins, but Nader wins.

    September 30, 2008 08:32 pm at 8:32 pm |
  21. J.C.

    I won't vote for McCain due to his support on this nonsense bailout.
    I won't vote for Obama for his taking no position.
    If I vote for Obama, I will be sorry for voting in a Dem president. We have enough Dem fools in Congress, who voted for this bailout. There will be no balance of power if a Dem president is elected.

    I am totally disappointed by Pelosi, Reid and the White House.
    The market proves that we can get rid of this financial sector of the economy without much pain. What we need is real productivity, not betting on air thin securities. To ask us to pay for it is inconceivable nonsense.

    September 30, 2008 08:32 pm at 8:32 pm |
  22. Ridgeway

    ACORN, ACORN. Barney Frank, Barak Obama, "Loan money to poor people. Housing for the human Pez Machines." Pelousy says, Bush administration is to blame.
    You sorry liberal, welfare ridden, do nothing, looking for a handout, get a loan for nothing need to shut up.
    Obama is a socialist and Frank plays for the other team. An John Kerry looks like a fugitive from a Bela Lugosi movie. He's got a face to scare children.

    September 30, 2008 08:34 pm at 8:34 pm |
  23. Just Human

    I thought it was Trillion, not billion?

    September 30, 2008 08:35 pm at 8:35 pm |
  24. marianna

    Well, this is how it is

    Sen. Obama "... doesn't seem to understand ... "

    Sen McCain "... just doesn't get it ..."

    How about Mr. Nader?

    Or write in Hillary/Kucinich '08

    What a mess !

    September 30, 2008 08:36 pm at 8:36 pm |
  25. Suzy

    John McCain chose to do town hall meeting because he know no one is coming out to listen to his boring lies. He doesn't draw a crowd unless Palin is with him. It is easy to draw 20 people. I can draw 20 people. He got Palin at debate camp learning how to lie better. I feel sorry for her having to learn how to lie and go against her values? McCain should be ashame of himself using women like that. I have no respect for him.

    September 30, 2008 08:37 pm at 8:37 pm |
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