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. Never Forget

    74-25? How can so many be so stupid? Why do they refuse to hold hearings about this course of action? Why do they blindly eat up the dire warnings of Bush, when he has been shown time and again to be either a bald-faced lier, or someone who is easily misled?

    These senators must think they are safe because they aren't up for re-election for a couple of years, but that $800 BILLION isn't going to be paid off for a very, very, long time, and I won't forget.

    October 1, 2008 09:57 pm at 9:57 pm |
  2. Hillary Supporter for McCain/Palin

    I a citizen of the US and register voter DON'T. Obama, if you had any chance to win my vote, you just lost it. McCain you too lost it unless Palin gives me a good reason to jump back on the wagon.

    October 1, 2008 – FREEMDOM IN AMERICA DIED!

    October 1, 2008 09:58 pm at 9:58 pm |
  3. Greg Simmons

    Congratulations! We (the people) just got one step closer to absorbing billions of dollars of toxic debt! And you think your prosperity is being protected by this?!?!? Thanks senators, for betraying us, for betraying the free market that would've corrected the problems that YOU created in the first place! This country is doomed, not because of corporate greed and Wall Street, but because of a bloated, incompetent, corrupt government and the ignorant citizenry that feeds its insatiable appetite. Welcome to the Great Depression 2.0.

    October 1, 2008 09:58 pm at 9:58 pm |
  4. peggy deweese

    I heard on a local radio station that some of our enemy countries are funding obamas presidential campaign. Isnt it illegal for a person to accept money like that from another country for presidential reasons?
    Also, the same station said that obama got around 200 million from fannie mae and it is part of the reason we are in a mess. Mc Cain wanted to investigate but obama was against it. I think people should look a little deeper int o obamas dealings before they trust him with our country.

    October 1, 2008 09:58 pm at 9:58 pm |
  5. Barbara CA

    Now that was one of the greatest examples of Bipartisan Democracy that I have seen in a long time.

    To paraphrase a poem: Republicans and Democrats ‘upon one tether and running beautiful together.'

    Thank you men and women of the Senate. With great courage, at this place in time, you did what you felt was best thing for the American people.

    One man, one vote.

    October 1, 2008 09:59 pm at 9:59 pm |
  6. annie - never again a dem.

    Now let's arrest the politicians who created this mess! dodd, obama, frank, kerry, pelosi and on and on.

    October 1, 2008 10:01 pm at 10:01 pm |
  7. Marilyn

    Good, I was proud of the Senate Leaders and they were proud of themselves. They were really happy that they worked together in a bi-partisan fashion to make this work. This could also be good for both parties and the American People. Working together Works because we are all Americans.

    October 1, 2008 10:01 pm at 10:01 pm |
  8. No Hillary = No Obama

    Did you hear these congressional dinosaurs patting themselves on the back, by name – Harry Reid stating he has been in the senate for 26 years – THAT'S THE PROBLEM – 26 years of entrenchment, rote behaviors, going through the motions – that's why we are in this mess – it's one big exclusive club. TERM LIMITS would have prevented this negligence.

    October 1, 2008 10:04 pm at 10:04 pm |
  9. bobbi


    October 1, 2008 10:06 pm at 10:06 pm |
  10. David

    Yes, isn't it amazing what you can accomplish when you all actually work. Why does it take a catastrophe to get the house and senate off their a–? You have all had a free ride for the last 8 years. It's time to do what your paid to do. Work for the American People. But please don't wait for a disaster to do your job.

    October 1, 2008 10:06 pm at 10:06 pm |
  11. davo

    This is an 850 BILLION dollar transfer of money from the tax payer to the wealthy of America. I’ am sure that a large amount will enter the pockets of our money stealing senators and representatives.
    Did you know that my and your grandchildren will be paying for this until they are 65 years old?

    WE are stealing the life blood of our grandchildren, what a disgrace!

    October 1, 2008 10:07 pm at 10:07 pm |
  12. Ron was a REP now a DEM

    In deeper than the original bailout. Now there are tax breaks, and increased insuranceon money in FDIC insured banks. Ha Ha like any of us that are going to bailout this mess have even $100,000.00 in the bank. More of the rich taking care of themselves

    October 1, 2008 10:09 pm at 10:09 pm |
  13. Anonymous

    OMG we are in trouble

    October 1, 2008 10:13 pm at 10:13 pm |
  14. Frank from Peterborough

    Isn't it refreshing to see what can happen if McCain quits his childish antics of interfering in a process he has no business being in other than speaking for it or agaist and voting on the package. Lesson to John quit trying to fool people and you won't find so much egg on your face.

    October 1, 2008 10:14 pm at 10:14 pm |
  15. susie

    Obama's ACORN was to get $20 million.

    October 1, 2008 10:15 pm at 10:15 pm |
  16. brianq

    OMG we are in trouble

    October 1, 2008 10:15 pm at 10:15 pm |
  17. Tom Ross

    "Slip-sliden away, slip-sliden away, All the people say, slip-sliden away."

    The Foxes are guarding the Hen House.

    "Come now let us see," Puck said, "What fools these humans be."

    ROTFLMHO, How is our bankrupt government going to give us our 250,000 by delay and inflation alone.

    "Slip-sliden away, slip-sliden away, All the people say, slip-sliden away."

    Now? Who is going to jail for ripping the American people off...No one? Go figure...

    "The end is just a little bit harder when.... brought about by friends."

    "Slip-sliden away, slip-sliden away, All the people say, slip-sliden away."

    Wall Streets evil greed I understand, the fact no one is being disciplined for it, I don't.

    October 1, 2008 10:15 pm at 10:15 pm |
  18. fred

    what a bunch of liars and thiefs, using the same scare tatic they did for the Iraq war , they were wrong then and they are wrong now.

    October 1, 2008 10:17 pm at 10:17 pm |
  19. Jeff Spangler, Arlington, VA

    "We accomplish volumes"?! Of what– dearly bought time until the citizens you've saddled with funny paper wake up to an inevitable and profound economic downturn in a once-great country which has been raped by criminal greedheads and has tapped out its global creditworthiness? I'm voting early on Saturday against all incumbents. If it weren't outright seditious, I'd advocate the armed overthrow of the federal government.

    October 1, 2008 10:17 pm at 10:17 pm |
  20. Shirley-Ohio

    That good. I know what they are doing. I did not want to bail out wall street, but I knew we had to. I have children and I want them to have a decent economy and besides they were going to get it from use one way or the other.

    October 1, 2008 10:26 pm at 10:26 pm |
  21. republicans hate america

    GOP will find a way to criticize this they just hate to see Obama showing level headed leadership.

    October 1, 2008 10:29 pm at 10:29 pm |
  22. fred

    This is a disgrace, does anyone in the senate or congress have a original thought , why the would they listen to anything Bush has to say . He knows nothing about running a business or a country. They should all go to jail along with the CEO'S .

    disgusted in So. Fl.

    October 1, 2008 10:29 pm at 10:29 pm |
  23. Chappy in Jacksonville

    I do support this measure. I do so with reservations. "If," and that is the
    key word here, if we REALLY start changing the mentality of a greedy and sleezy Wallstreet "get profits in any means," then we will have a chance in the future. As a Chaplain, I work with the elderly, and those hard working folks who have put their money in Money Market accounts, 501k, and other vehichle's for retirement. For me my bank went under and is now a Citicorp. Nope, we Chaplains don't make the big money. However during this last week, I have seen REAL FEAR.
    Fear that has turned to a helpless state of mind among many.
    Again, WE must keep the politicians HONEST. That is going to be the hard issue at hand. This is NOT a bail out , rather a rescue, per Senator McCain. Tonight, the Senate stood up to calm fears. I hope the House will do the same soon. WTG, you Women and Men of the Senate for working together 5 weeks before a Presidential Election.
    The Bill is not perfect, nor are we perfect. But to see Democrat's and Republican's work together for the GOOD of OUR country, IT is a start.
    May God help us to come together as people of the GREATIST country in our time. May WE as voters, keep this measure and the safegards
    in place so that greed will be regulated and those who break this promise to the American people, PAY dearly if disturbed.

    October 1, 2008 10:29 pm at 10:29 pm |
  24. Tiff of lithia springs

    I hope it works. The 2 guys for prez seem to think so. I hope they divide the money up and don't give the second installment until BUSH leaves office.

    October 1, 2008 10:29 pm at 10:29 pm |
  25. Paul

    taxpayer sold out by the senate again!
    remember this on election day!

    October 1, 2008 10:30 pm at 10:30 pm |
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