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. nate

    All over the web in the last cpl days the GOP haters of the country sound so bitter and frustrated, Theyre spewing rants about socialism and Rev Wright. Bloviating on Rezko and WIlliam Ayers. Theyre hoping against hope for that infamous 'whitey tape', and promising how 'we'll get what we deserve'. Actually they are right about that last one. We will indeed finally get what we and our children deserve when President Obama moves into 1600 Pennsylvania Ave.

    September 30, 2008 09:26 pm at 9:26 pm |
  2. Evan Mellichampe

    CDARS (Certificate of Deposit Account Registry Service®) is the most "convenient" way to take full advantage of the FDIC's insurance on deposits. With CDARS, you need only to sign one agreement with a participating local bank or other financial institution of your choice (from one of 2300 member banks), earn a single interest rate, and receive just one regular statement. Sit back and relax...

    It's a loophole that makes it easy for wealthy depositors to keep FDIC-insured cash in separate accounts at multiple banks. It offers customers up to $50 million of FDIC insurance, 500 times the single-account limit approved by Congress.

    Now they're suggesting that the FDIC insure $125 Million for a "single depositor?"

    How did this get by the Bank Regulators in the first place???

    September 30, 2008 09:28 pm at 9:28 pm |
  3. Angela

    This is terrible- they are trying to side steps us – the taxpayers- . This bailout is wrong in the form it was presented on Sunday. Let's all jam up the Senate's phone and email servers like we did the House.

    This is wrong and its also pathetic that the non e of these candidates have enough backbone to stand up and say no- get a bill that actually solves the proble m and hold those accountable that created the problem.

    September 30, 2008 09:29 pm at 9:29 pm |
  4. C in Texas

    We will be in worse shape if this bail out goes through. Why are taxpayers responsible for the mistakes and greed that other people have? This will be a sad day for America and a worse nightmare for the next Pres. Let the stock market bottom out, now we're going to have to pay more taxes for these morons. Give us a report on who is losing their houses, this is what people get for living above their means and having too much credit that they can't control.

    September 30, 2008 09:29 pm at 9:29 pm |
  5. Minority for Obama

    Michelle Bachmann Republican Congresswomen from Minnesota -her recent comments on the bailout:
    "Bachmann Blames President Clinton, ‘Blacks,’ And ‘Other Minorities’ For Current Financial Crisis"

    CNN, how can you have such people on your show-racist and ignorant. Wake up people....these are the kinds of people McCain has in his team...arrogant, ignorant, racist....we need to stop these kind of comments from our leaders.

    Obama 08

    September 30, 2008 09:31 pm at 9:31 pm |
  6. Willy Brown

    John Why are you going to help cover obama's b- hind? Let the democrats burn on this one.

    September 30, 2008 09:32 pm at 9:32 pm |
  7. Evan Mellichampe

    REAL leadership would be the abolition of the Federal Reserve System.

    The Federal Reserve System is neither federal nor does it have any reserves. It is merely a privately held banking consortium that deliberately engineers bubbles and depressions by arbitrarily expanding and contracting its credit. It has devastated the public's purchasing power by steadily inflating its worthless fiat "notes." The cycles of economic chaos and national despair will continue until this private debt monopoly is banished.

    September 30, 2008 09:32 pm at 9:32 pm |
  8. Tom in Delaware

    Like Nancy Reagan said..."Just say NO!"

    How many times times is Chicken Little going to announce that the sky is falling, before everybody realizes that it's all a bunch of hooey.

    The market will correct itself in due time.

    Don't let the people who are responsible for this mess stay another day in power...Chris Todd, and Barney Frank need to go to jail.

    September 30, 2008 09:32 pm at 9:32 pm |
  9. TexicoFrom Mexico

    This bailout is needed, sad but true..and when the credit shuts down, and there is no more lending to business....then you lose your job and when you can't pay your bill you lose your house, but you cant sell you house because nobody can get a loan to buy it, and then you lose your credit and once your credit is shot you can't get a job, so then the best thing you can do is pull a gun out and shoot yourself........

    see how it works people, its a domino effect and no bailout equals disaster.....

    September 30, 2008 09:35 pm at 9:35 pm |
  10. McCain Lies Once Again

    McCain is pathological liar. Once again his latest attack ad on Obama has been proven to be a total lie. I don't trust one word that comes out of McCain's mouth. He is another Bush clone who sees nothing wrong with lies, corruption, and deceit as long as it gets you what you want. Sorry. I expect much more out of the American Presidency.
    McCain you need to retire and get rid of that moron you chose for a VP candidate. Americans are not stupid and are not going to vote for 72 year old senile, unfit man and his bimbo redneck beauty queen who is the most stupid and ridiculous choice ever made for a VP candidate. We know the Republicans will be slandering everyone in sight and trying to subvert the election process to try and steal the election. Sorry, but you have already lost. Your lies and Palin's incompetence has destroyed your campaign. You have no credibility left with the American people. Obama will win easily and we finally be rid of the Bush Republicans!

    September 30, 2008 09:36 pm at 9:36 pm |
  11. 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.

    September 30, 2008 09:36 pm at 9:36 pm |
  12. Paul

    what part of no sell out do they not understand?

    September 30, 2008 09:36 pm at 9:36 pm |
  13. republicans hate america

    I will take Obamas empty suit any day before I take mcCains suit full of crap.

    September 30, 2008 09:37 pm at 9:37 pm |
  14. Independent

    Are they going to publish the bill ahead of time? Will this bill require financail institutions to reveal the true market value of the value-less paper they hold or will they be allowed to continue lying about their solvency? What about help for home owners?

    September 30, 2008 09:37 pm at 9:37 pm |
  15. Grebo

    I am hearing that this crisis has been caused by an inbalance of wealth.

    I am wondering why ordinary tax payers are ponying up 700 bilion dollars to rescue the greed of large corporations, lead by CEOs already payed outrageous salaries.

    September 30, 2008 09:37 pm at 9:37 pm |
  16. hammer

    the taxpayer has said no deals. maybe they are feeling the heat from their sugar daddies to get the money to them now.
    and they wonder why they are not trustec.

    September 30, 2008 09:39 pm at 9:39 pm |
  17. Griff

    M5r King? Where did you get your name? I listen to your show, about once a week! You can't hide your Bias towards Barack OMaba. Why try?? Your a "Black Smerican", a so called "African American". But you lose!!! You can not dictate even if your a "King"... Or a CNN Show.
    You may have your own regular listeners, but you don't have me. I join in once a week, and you never change. A Black Man in Government, in the West is a Good Idea. But Barack Obama is not that Man, or Woman...

    September 30, 2008 09:40 pm at 9:40 pm |
  18. Bob R

    I wonder if Tina Fey can do an impersonation of Nancy Pelosi making her dump stupid statements causing a blow up in the Congress.....O ya don't think she'd probably be interested in that .....she'd probably agree with the timing of everything Pelosi did......JUST JOKING FOLKS .....YOU CAN ALL TAKE A JOKE RIGHT : ) So come on Tina your Nancy Pelosi impersonation .....we're waiting to see it ; )

    September 30, 2008 09:41 pm at 9:41 pm |
  19. Paul

    Bush has Reid in his hip pocket. Bush says jump and you see the results!

    September 30, 2008 09:41 pm at 9:41 pm |
  20. TAMMY

    April this bailout is bigger than your brain dear go take a nap. small companies and reg folks get hurt if this bailout don"t happen i just lost 25,000 in my 401k as of yesterday how much have you lost.

    September 30, 2008 09:41 pm at 9:41 pm |
  21. Linda Buie

    This country is in trouble. The republican change their votes because their feeling were hurt because of what the House Speaker said.
    They are very small people with small minds. Cong Bauchman should be ashamed of herself..

    September 30, 2008 09:41 pm at 9:41 pm |
  22. BLee

    BTW, why didn't John McCain wear a flag pin during the debate?

    September 30, 2008 09:41 pm at 9:41 pm |
  23. Greg, PA

    Unfortunately the economic ramifications would be far too severe for this not to be dealt with. As much as I would love to see the market deal with this, that would be irresponsible.

    Reagan started the deregulation, Bush I continued it, Clinton went with the flow, and Bush II was handing out deregulation like candy. No regulation creates an incentive to lie for profit, so companies don't have guaranteed accurate and reliable information. If no one trusts anyone, then they won't take the risk of extending credit, and so we have a credit freeze.

    Asymmetric information is poison to free and open markets. Our only solution is damage control and re-regulation, unless we'd rather live through an economic collapse and the subsequent decade or more of aftermath.

    Sorry kids, there are no quick and easy solutions here. We need comprehensive reform, not a Band-Aide.

    September 30, 2008 09:43 pm at 9:43 pm |
  24. Jim, NY

    Oh please-the three of them are part of the problem-they've all been there while the problems were developing-

    Listen to CNN's Lou Dobbs-throw all the incumbents out--it's the only way to get rid of the corruption and lying-

    September 30, 2008 09:43 pm at 9:43 pm |
  25. Why Obama

    Obamas past is dirty. Can't vote for a man like that. He talkes a good game. I don't trust him.

    September 30, 2008 09:44 pm at 9:44 pm |
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