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. nikki kasel

    Now is the time for the people of the United States to really show how much power we really hold and get every last one of these so-called congressmen that supported that "disaster of a bill" out of office!Let's start fresh New President!New Congress! NEW START!!! OUT WITH THE OLD IN WITH THE NEW!!!!

    October 1, 2008 09:47 pm at 9:47 pm |
  2. independent in CO

    Hoooray for wall street and crooked banks. Boo the American taxpayer. We lose. Lets go out in the street and celebrate and when we can't a get a loaf of bread for 10 bucks lets celebrate some more.

    October 1, 2008 09:48 pm at 9:48 pm |
  3. Warren Nesteruk

    You have inevitably seen the beginning of the end of american economics as we know it. This bill is basically a signature for the martial law of economics. The government can do whatever they want, whenever they want, and it can not be reviewed within the court of law. How people overlook this baffles me. It is pathetic that our administration used a crisis (the economy) to gain more government power. Sounds alot like 9/11 and the patriot act, because that is exactly what it is all over again. The government has used economic fear mongering for more power, and it is disgusting.

    October 1, 2008 09:48 pm at 9:48 pm |
  4. Marie W.


    October 1, 2008 09:48 pm at 9:48 pm |
  5. The Nightingale Sings in Berkley Square

    I wonder why CNN listed Obama first and McCain second? Why is CNN so blatantly biased?

    Senator McCain comes first in the Alphabet, Senator McCain comes first in seniority, and Senator McCain comes first in protecting our values and our country.

    So CNN why did you list the cotton candy man speaker before a real American Hero? Please respond.

    October 1, 2008 09:48 pm at 9:48 pm |
  6. Hillary F

    I hear they added some really nice "sweeteners". So much for eliminating Pork Barrel Spending.


    October 1, 2008 09:49 pm at 9:49 pm |
  7. deb

    how does 74+25=60. math shouldn't be this hard

    October 1, 2008 09:49 pm at 9:49 pm |
  8. Duop Chak, Colorado Springs, Colorado

    Political gambles aren't good at a time like this - this bill is better than nothing. I think new rules should be drafted to prevent future financial crisis.

    October 1, 2008 09:49 pm at 9:49 pm |
  9. Reagan

    You can all thank McCain for getting this bill swiftly moving, ammended, and approved.

    Thanks McCain!

    October 1, 2008 09:50 pm at 9:50 pm |
  10. tony

    Big freakin deal

    October 1, 2008 09:50 pm at 9:50 pm |
  11. The Wizard of Rock and Roll

    Excuse me ....only 100 Senators , 50 States x 2 Sen. per = 100
    75 for 25 again' 1 ? Where'd u get 60....The Wizard of R&R

    October 1, 2008 09:50 pm at 9:50 pm |
  12. Janice Il

    All of them better pray that this works. George's cronnies must be staying up all hours printing up money, Try to imagine how long and how hard Americans will have to work to pay this off, all the while GW. will be living like a sheik in Texas. Never having to pay for war crimes or stealing or lying, care free in Crawford. Im amazed that we have not taken to the streets and very disappointed that we have not.

    October 1, 2008 09:51 pm at 9:51 pm |
  13. mrsb

    It is gratifying to see Senators work in a bipartisan wa to solve a problem. This gives me hope that maybe our government can start working again. I am tired of the constant bickering we have been seen.

    October 1, 2008 09:51 pm at 9:51 pm |
  14. Johnny Birchfield

    Facts are a little off here. Senate bill is now at about $850 Billion. This bailout is a complete scam. Why rush legislation? Why not consult better and brighter minds that could offer proven solutions that cost the taxpayer little or nothing? Why adopt yet another Bush proprosal...the fact that this proposal comes from Bush during the last few months of his administration should be a red flag in itself.
    While I feel the pain of those who are losing in money market accounts everyone born since the great depression has been taught and they were warned before investing that investing in the stock market is like laying a bet at Vegas. Now they want the taxpayer to pickup the tab for all their bad bets.
    I only hope that the House Republicans have the courage to hold the line until a rationale, workable plan is developed and can be adopted.
    If you read the fine print of the current bill taxpayer benefits and protections are wafer thin and pretty much discreationary.

    October 1, 2008 09:51 pm at 9:51 pm |
  15. James

    Why don't we make it a trillion and cut all taxes? How irresponsible can these people be? Republicans who supposedly had a problem with government spending were sweetened to the deal by unfunded tax cuts which add to the deficit. What is this all coming to? There is no accountability and they just run us all deeper into debt while getting re-elected by "cutting taxes" and "working across the aisle". Maybe they should go back to their constituents and tell them, "I just added the burden of another trillion dollars for your children and grandchildren, I just need your vote so I can continue to be an overpaid self indulgence joke of a representative ", then when they are too drunk off the power trip they can retire with a nice fat pension they voted themselves to have. Please, tell me this is not what the framers had in mind!!!!

    October 1, 2008 09:52 pm at 9:52 pm |
  16. streetsmart

    This headline really doesn't make any sense whatsoever when you read the detail! If only 60 senators voted for the bill and the outcome is 74- 25, who else voted ?

    October 1, 2008 09:52 pm at 9:52 pm |
  17. Bob

    Communism is alive in America. I never thought I would live this long.
    The Senate voting agains the will of the people. The Senate voting against the constitution voting for a spending bill that is supposed to come from the House.

    Also I am dumping my support for McCain. He backed this
    pork bill that will do nothing but burden all of us with more debt.
    Where do I go to protest and will you all join me in voting against every congressman that voted for this bill? Every American or should I say socialist should be ashamed of this sham?

    October 1, 2008 09:53 pm at 9:53 pm |
  18. terry

    Now we can thank the senate foe selling the people out!!!! Borrowing money from foreign countries to pay for banks that should be held accountable for their own actions is wrong!!! How long will it be before they take all are freedom!!!!!!!

    October 1, 2008 09:54 pm at 9:54 pm |
  19. Karl

    I feel truly sorry for the people of Main Street USA.

    After listening to the "Senators" parade and prance it became painfully obvious how corrupt and devious the entire system has become.

    The amendment that should have been added to prove the true intent of these people in power;

    If this turns out, as a great many expect, as one of the worlds largest boondoggles, that those who voted it into existence be held criminally responsible.

    Ignorance is not an excuse, lets see where "Senators" beliefs lay when it’s their necks on the line along with the rest of Main Street.

    There may be some hope left in the House, but as the Majority Leader almost said, "Between choosing what is easy and what is right...we chose to panic the people in order to save our money"

    October 1, 2008 09:54 pm at 9:54 pm |
  20. Lisa Kruger

    After trying to call the capital switchboard all day today I am extremely dissapointed to see that our US Senate is out of touch with the citizens of these United States. They all need to be FIRED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    October 1, 2008 09:54 pm at 9:54 pm |
  21. Lovely in VA

    Buh Bye McShame! You should have voted NO and given reasons why not at this time. You're a dummy! Rushlo is not gonna like this!

    Go BARACK! Up by 8 in VA!

    October 1, 2008 09:55 pm at 9:55 pm |
  22. Annie, Atlanta

    I heard on another station earlier they had to add more tax breaks for corporations & more deregulation, to make it more appealing to House Republicans. This makes me sick. I used to hear, growing up, that the Democrats represented the people and the Republicans represented the wealthy. I figured that last part was a joke. Joke's on us, folks. Sweet dreams.

    October 1, 2008 09:55 pm at 9:55 pm |
  23. Mad

    Thank god!
    Even though I don't approve of the golden parachutes etc. but still- 10,000 people losing their homes each day its too much.

    Biden had a lot of support from credit card companies (some may call it lobbying media doesn't even mention it)

    Um I trust...McCain over a 4 year all liberal no bipartisan afgan war monger with a vp who takes from credit card companies anyday

    October 1, 2008 09:55 pm at 9:55 pm |
  24. The Real Issues

    The Real Issue is that the Bush Administration let this train go off the track and our Senators had no choice except to put the train back on the track. However, there are many problems that have to be remedied and perhaps the problems will be solved gradually. My fellow Americans, we must do things differently or we will have the same results.......and I don't think we want this anymore.

    October 1, 2008 09:56 pm at 9:56 pm |
  25. annoyed

    well, lets see what good it does... or what damage it does? depends on the house and well whatever happens were up to our necks in it now. watch stocks crash tomorrow and will see how investers respond to their great failsafe.

    October 1, 2008 09:57 pm at 9:57 pm |
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