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. mac

    If a failed President and a failed Congress give money to a failed bank, how can we fail?

    October 1, 2008 11:48 pm at 11:48 pm |
  2. tehama

    what will the house do?

    October 1, 2008 11:48 pm at 11:48 pm |
  3. BK

    Obama level headed leadership? What a joke he distanced himself from the whole thing. Obama PRESENT. The man doesn't have an original idea of his own. He prayed on naive college kids and AA's. And cheated the rest out of their votes. Hope and Change UH UH what a joke.

    October 1, 2008 11:48 pm at 11:48 pm |
  4. G

    something needed to be done. I just hope people understand why before they judge it. Remember on election day that 4yrs ago you guys elected Bush and look what happen.

    October 1, 2008 11:50 pm at 11:50 pm |
  5. tehama

    Obama has more brains in his little finger ten bush has in his head.

    October 1, 2008 11:51 pm at 11:51 pm |
  6. Lee

    The big fish are still eating the little fish, just like always. Why is it the little guy has no power to say no to the government using our money like this. It's disgraceful, disrespectful to the taxpayers, and more pandering to the rich and powerful.

    Throw all of them out of office.

    October 1, 2008 11:53 pm at 11:53 pm |
  7. Ryan

    Here we go. Political pressure. The President yelling FIRE! The moron Paulson (where has he been the last 2 years) begging for a bailout. Speculators on Wall Street crashing the market until they get their money. This is like running into a fire with a squirt gun thinking your going to put it out.

    Our entire government just threw 700 BILLION dollars at a problem they created. Enough is Enough! Throw every single one of these bums out on election day. They just sold us out again.

    I'm not for Obama and I'm not for McCain. But I am ready for a real change.

    October 1, 2008 11:55 pm at 11:55 pm |
  8. My Friends, let me tell you

    This is just a short term fix,its enough to keep the wheels on till spring.

    October 2, 2008 12:05 am at 12:05 am |
  9. Pat

    What a pity that the wimps were brainwashed, cajoled, threatened or whatever into following our reckless leader – all but 25 brave Senators. This bailout won't work either. The general public is much smarter and more aware of the truth because of the internet these days. The market will tank anyway and I predict that it will go right away. We're too indebted to China and other countries so that we can subsidize the wealthiest, subsidize sports to the tune of $14B annually, and continue to reward the District of Criminals.

    Meanwhile, Americans are starving, have no health care (yet we're giving it to Iraq), and gifted children can't go to college because they can't afford to.

    The worst is yet to come. The party's over.

    October 2, 2008 12:05 am at 12:05 am |
  10. Cymro

    All these billions for the fat cats, and not even one word for the thousands of poor families trying desperately to hang onto their homes. Only in America, eh? wodacontry!

    October 2, 2008 12:06 am at 12:06 am |
  11. Wayne

    It looks more and more like a landslide for Obama.

    All McCain has left is nagative ads about Obama. That didn't help Hillary und for sure not John McCain, who has no new ideas anyway.

    Just amagine John McCain or Obama adressing the nation.

    McCain the clown and Obama the statesman.

    Even today Obama showed leadership in the senate.

    Yeah bring on old stories and lies McCain, you are good at it since you have nothing else to offer, but remember thats your funeral.
    And all of america knows now that Sarah Palin is a joke.

    I/m glad its almost over.

    Obama / Biden 08

    October 2, 2008 12:06 am at 12:06 am |
  12. Anna

    Many independants, Fiscal Ultra-Conservatives and Anti-Corporation Liberals Strongly Oppose this Bill Backed by the Bush Administration, their Treasury Guru, Paulson, and Dem leaders Nancy, Barney and Harry.
    Do we have to rush into this without considering other options?

    October 2, 2008 12:12 am at 12:12 am |
  13. Wise White Guy

    Probably not the best deal they could have done but enough financial experts believed it needed to happen to convince me. I am sure Barack will make any corrections needed next year.

    October 2, 2008 12:12 am at 12:12 am |
  14. Anonymous

    Who cares?

    October 2, 2008 12:15 am at 12:15 am |
  15. ohio

    noooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo!!!!!!!!!!!!!!!!!!!!!!!!!1 our govenment is egnoring our voice

    October 2, 2008 12:18 am at 12:18 am |
  16. eff_dat_bailout

    We don't need no stinkin' bailout

    October 2, 2008 12:20 am at 12:20 am |
  17. BJ

    As ugly as this bill is, at least they raised the FDIC insurance to $250k. This will calm some depositors and ease worries for banks, helping loosen some credit too.

    Obama just does not have the qualifications and needed experience to see this crisis through.

    McCain 2008
    Hillary 2012

    October 2, 2008 12:22 am at 12:22 am |
  18. Salvatore Labaro

    It is sick that corporate America won out, what an unprecedented manipulation have the succeeded in? While we pay for their losses they keep their profits! Well, America, you get what you vote for; obviously Senator Obama is just as supine to corporate America as he is a corporate sycophant.
    If you are angry, I'd like note Ralph Nader is running for president and would never make the corporate-centered decisions that Senator Obama made.
    I, like millions of Americans, will refuse to vote for any candidate who voted for the wholesale transfer of taxpayer monies to private national and multinational corporations... a "free" market capitalist scheam in which taxpayers seem to absorb the costs of environmental and social decay as private corporations and their owners continue to reap windfalls?! Senator Obama really let us down on this one... but... oh wait he is a corporate elitist, like all elected democrats and republicans. NADER NADER NADER.

    October 2, 2008 12:28 am at 12:28 am |
  19. sally sue

    Obama is Dangerous and bad for America. He is a wolf in sheeps clothing, a slimy, sleazy lawyer, who is skilled in his oratory skills to make corrupt back room deals. Nobama EVER!

    October 2, 2008 12:29 am at 12:29 am |
  20. Raymond Duke

    The only thing I can promise my senator that voted for this bailout is four votes against him in this election. The same thing goes for my representative. As a family we do not take goverment handouts and we do not believe we should bail out wall street. Between presidents and congress we already support to many people who ride the system already.

    October 2, 2008 12:41 am at 12:41 am |
  21. Tre

    It would be interesting to know whether or not fox news has interviewed Sarah Palin, if not, when they do, will the yask her to name the first president of the U.S., or simply have her state her ABC's?

    October 2, 2008 12:48 am at 12:48 am |
  22. Anonymous

    something has to be done but i am not sure this is it. are they all trying to scare us to death. i think they all belong in jail ceos and all they sure have a great life while we watch life savings vanish and some people lose everthing. who ever thought you could let people have loans that they had no way of EVER paying back now the taxpayers pay for everything again as usual. disgusted in ark

    October 2, 2008 12:48 am at 12:48 am |
  23. erika morgan

    The Senate has demonstrated that they do not understand our economic situation but just listen to desperate rich cats who are used to steeling money and don't wish to give it up.

    Our addiction to credit must end. Our Government must live within it's
    means, our families must stop spending what they don't have. And yes even
    business must retrench, I've never heard of something so stupid as having
    to borrow to cover payroll. Borrowing requires the payment of interest,
    no matter how low interest is, the use of the money must add to value or
    it is a costly mistake.

    Much of our society has been copying the government and all must now take
    their bitter pill (suffer the just deserved losses) tighten their belts
    and get on with becoming productive.

    This does not mean each for himself but it does mean it is time for
    Government to spend on infrastructure, education, healthcare, and maybe
    even shelter for its citizens.

    WEALTH IT ONLY REDISTRIBUTES MONEY. Our problem is that this money they
    handle no-longer represents any real wealth.

    A small business owner,

    October 2, 2008 01:06 am at 1:06 am |
  24. Marj,Paso Robles, Cal

    Mrs. Texas Teacher:

    Baby Uhbama has received over 100k from Fannie and Freddie. My tax dollars are being stolen to help these corrupt Govt. entities. Uhbama, Dodd, Frank, Reid and Schumar should be investigated and prosecuted.

    October 2, 2008 01:15 am at 1:15 am |
  25. Does Obama Palin Comparison?

    Pelosi will undoubtedly try to blow up the deal in the House tomorrow...The longer the crisis and suffering go on, the greater Obama's chances get.

    Pelosi & Obama are dancing on the grave of the US economy, and reveling in our suffering...

    October 2, 2008 01:39 am at 1:39 am |
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