October 1st, 2008
09:33 PM ET
14 years ago

Senate backs Wall Street bailout


Sens. Biden, McCain, and Obama returned to Capitol Hill Wednesday night to vote on a revised bailout plan. The House is expected to take up the bailout again Friday. (Photo Credit: Getty Images)

WASHINGTON (CNN) – The Senate has approved the $700 billion financial rescue plan in a just two days after the bailout failed in the House.

The bailout was approved in a 74-25 vote. Both presidential candidates, Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor, as did Democratic vice presidential candidate Sen. Joe Biden of Delaware.

"This has been a very difficult time for our country, but I'm very, very happy for this vote tonight," Majority Leader Harry Reid, D-Nevada, said after the vote. "It shows that when we work together we accomplish volumes."

The core of the Senate financial bailout bill is the Bush administration's original plan to buy troubled assets from banks, but the proposal includes a number of new provisions aimed at tax payers. The changes were intended to attract more votes from the House - especially from Republicans, two-thirds of whom voted against that version.

The House is expected to vote Friday, according to aides to Democratic leaders.

Full story

Filed under: Candidate Barack Obama • Economy • Joe Biden • John McCain • Popular Posts • Senate
soundoff (182 Responses)
  1. mobiusinformer

    They're STILL not listening to us. ON TO THE HOUSE!!

    October 1, 2008 09:23 pm at 9:23 pm |
  2. ltd1974 ohio for obama

    mcshame we know how you wish you could get all the credit. sorry this election is all president obama

    October 1, 2008 09:23 pm at 9:23 pm |
  3. Patriot

    Senate isn't the problem – The problem lies with Barney's and Nancy's Chamber.

    October 1, 2008 09:24 pm at 9:24 pm |
  4. mitch

    good news. we could use the stability, at least until after jan 20th.

    October 1, 2008 09:24 pm at 9:24 pm |
  5. Trysh, Los Angeles

    Good! Now the House needs to step up. I asked my boss for a golden parachute and he is still having tickle fits, so I'm going to need for the economy to stable up so I won't be forced into a politically motivated fast called starvation.

    October 1, 2008 09:26 pm at 9:26 pm |
  6. E.C.Coleman

    How can the title of this news piece read: 60 Senators vote for Wall Street Bailout? The Balilout was approved 74-25. Who else voted?
    Who were the other 14 Votes For the Bail Out?

    October 1, 2008 09:27 pm at 9:27 pm |
  7. Scott L

    Let's ask Nancy Pelosi about Financial Leasing Services, Inc.

    Democrats always crying Republican corruption, yet always corrupt in their own backyard. Pelosi $100k campaign contributions to her husband for "tax services".

    Bill Clinton denigrating the Oval Office with cigars and a girl named Monica.

    This bailout package should have been addressed years ago when John McCain warned about the Fannie/Freddie lack of oversight....yet Democrats INCLUDING Barack Obama voted AGAINST the reform act.

    Liberals see what they want to see and brainwash children to sing songs praising Obama...oooooohhhhhh oooobama. Yeees weee can.

    Reminds me of the children singing for Saddham Hussein. Hey, coincidence?????

    October 1, 2008 09:27 pm at 9:27 pm |
  8. Dakota

    what happened to senator biden? i thought he was voting on it too...

    October 1, 2008 09:28 pm at 9:28 pm |
  9. Beas

    You mean Obama didn't vote Present!

    October 1, 2008 09:29 pm at 9:29 pm |
  10. nyobamacan

    I like many Americans feel conflicted about this bill. I am scared of the potential consequences enough to support it. However, our next step must be to help the millions of Americans who were inappropriately pushed into sub-Prime loans. If we put them in loans that are appropriate to their income and credit history, they'll be able to stay in their homes and help stabilize the housing market. We'll also need to focus on fixing our regulations to prevent this from ever happing again. Our bankruptcy laws need to be reformed to allow bankrupt households to have their loans re-structured. Don't you think that banks, mortgage brokers might be a little more thorough in their credit evaluation if they felt they had something to lose if the mortgage recipient goes bankrupt. What's wrong with these dealers having some skin in the game?

    October 1, 2008 09:29 pm at 9:29 pm |
  11. Anonymous

    wow. cant believe it . i am actually against it but i hope now that my 401K is going up again 🙂 and when i will buy my second house that i wont have to worry about getting a loan. other than that, we will have to pay for that and this will be tough to swallow


    October 1, 2008 09:30 pm at 9:30 pm |
  12. Shannon

    I'm shocked Obama actually took a stand on anything, he usually is a no show, or he votes present. There must be something in it for him, it's the only way he ever puts out any effort!

    October 1, 2008 09:31 pm at 9:31 pm |
  13. Jen, California

    With echos of Black Liberation Theology (Father?) Pfleger:

    "I'm Barack Obama - and I'M ENTITLED!"

    Then along comes the game changer: Hi, I'm Sarah Palin, and I love and am proud of my country !

    Go, Sarah!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    October 1, 2008 09:31 pm at 9:31 pm |
  14. VR

    This is good news in that maybe now the banks will start lending again.. Many businesses are unable to borrow right now which is leading to very difficult situation for businesses to keep employees .. If they can't borrow for inventory or receivables they can't produce anything. If you can't produce anything then you will be out of business.. the fed has to encourage banks Not Investment banks but the regular banks to lend.

    October 1, 2008 09:32 pm at 9:32 pm |
  15. Karen

    Well I just watched the latest reaming of American citizens. They are all smiling... they have provided each other enough coverage (you can't blame me, she voted for it too, waaah) and most importantly, these craven politicians don't have to work another weekend.

    Too bad both candidates voted for this piece of garbage. I couldn't consider voting for anyone displaying such cowardice.

    October 1, 2008 09:32 pm at 9:32 pm |
  16. patti

    This has absolutely nothing to do with sexism. Bottom line Palin is way over her head. McCain did a disservice to his country by choosing her. Were in the heck did he get her name? She needs to bailout along with the 700 billion.

    October 1, 2008 09:32 pm at 9:32 pm |
  17. Hillary Supporter for McCain/Palin

    no bail out – save freedom and no goverment intervention!

    October 1, 2008 09:33 pm at 9:33 pm |
  18. dl

    about time! Now it goes to congress...Yikes. I sure hope there feelings are not hurt again...

    October 1, 2008 09:33 pm at 9:33 pm |
  19. NoMcSame

    I need a bailout. Please help. The hole gets deeper and China will get richer.

    October 1, 2008 09:35 pm at 9:35 pm |
  20. S Callahan

    and pray that Congress doesn't. Keep your wallet private!

    October 1, 2008 09:35 pm at 9:35 pm |
  21. JP

    It was unbelievable to see the senate working together in a bipartisan manner to get something good accomplished for our economy. Kudos to our senators! We need to put this behind us and move forward. Now the peoples' house must follow suit. Now watch everyone start with their blame games in the fallout. So I'll start........

    How bout former Fannie Mae CEO Franklin Raines, a supposed Obama advisor. $90 million in 6 years. I hope the FBI has a field day with that one while investigating. I say lock him up with Rezco and put them in the same cell.

    October 1, 2008 09:35 pm at 9:35 pm |
  22. Rick

    All the Senators that voted for this bill should be voted out of office.

    October 1, 2008 09:36 pm at 9:36 pm |
  23. Sheila fr CT

    Finally! Something good happened to America today!

    October 1, 2008 09:37 pm at 9:37 pm |
  24. Rob

    so where is the list of these jerks that voted for Country Club first

    October 1, 2008 09:37 pm at 9:37 pm |
  25. swen ERIC

    both sucks

    October 1, 2008 09:39 pm at 9:39 pm |
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