From The Road
October 1, 2008 9:14 AM

Senate Bailout Vote to Bring McCain, Democratic Ticket to D.C.

By
John Bentley
Topics
John McCain
(CBS)
From CBS News' John Bentley:

(KANSAS CITY, MO.) – John McCain will return to Washington, D.C., this afternoon to vote on the financial bailout bill that failed in the House of Representatives on Monday. The Senate will vote on the bill this evening.

While McCain has expressed reservations over the bill, he has also urged its quick passage.

"Congressional inaction has put every American and the entire economy at the gravest risk," McCain said yesterday.

"I call on everyone in Washington to come together in a bipartisan way to address this crisis. I know that many of the solutions to this problem may be unpopular, but the dire consequences of inaction will be far more damaging to the economic security of American families and the fault will be all ours."

The biggest change in the Senate version of the bill is an increase in FDIC insured deposits, which would rise to $250,000 from $100,000. That change could persuade some that voted "no" on the bill, especially House Republicans, to support the plan when it goes back to the House.

Before heading back to vote, McCain will speak at the Harry S. Truman Presidential Library in Independence. He is expected to speak to a small crowd about the current economic situation.

Barack Obama and his running mate Joe Biden will also interrupt their schedules to head back to Washington to vote.

Add a Comment
by WKREBES October 1, 2008 3:33 PM EDT
1. WE CANNOT ALLOW BANKS AND BIG CORPORATIONS PROFITS TO BE PRIVATE AND LOSSES TO BE SOCIALIST OR COMMUNIST. MARX, LENIN AND OTHERS HAVE TRIED IT AND IT FAILED. STATE CONTROL OF THE ECONOMY IS NOT IN THE BEST INTERESTS OF THE PEOPLE.
THE BOGUS MONEY CRISIS IS ANOTHER SCAM BY THE RICH AND POWERFUL TO RIPOFF THE AMERICAN TAXPAYERS, WORKING POOR AND MIDDLE CLASS. LIES AND FALSHOODS BY PEOPLE THAT GOT US INTO A WAR FOR 7 YEARS ARE MAKING THEM INVALID. THE RICH BELIEVE WE ARE ALL FOOLS AND THEY WILL CONTINUE TO ROB THE TREASURY AND THE TAXPAYERS IF WE LISTEN TO THEIR B.S. STOP THE BAILOUT OF THE CROOKS. %u201CDON%u2019T SELL US OUT".. THE GIFT OF BILLIONS OF $$$TO THE BANKS IS NOT CHANGE. IT IS THE SAME DOG AND PONY SHOW WE HAVE SEEN FOR 8 YEARS.
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by bichonlover2 October 1, 2008 3:26 PM EDT
How will we ever pay for this mess? GREED!! Time for change! Do not vote for incumbents!! Use your vote to send a message!
Reply to this comment
by sickofpalin October 1, 2008 2:40 PM EDT
obama is looking good; palin does a bad job thursday and mccain will remove her
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by mattcat25 October 1, 2008 2:18 PM EDT
Do you think the Senate Republicans have had their feelings hurt too by Speaker Nancy Pelosi?
Reply to this comment
by mavsreader October 1, 2008 1:47 PM EDT
Can''t mention the "Democratic Ticket" by name?

It''s very simple, Obama, Biden. (Fewer letters too)

What was the point?


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by PC Fixer October 1, 2008 1:16 PM EDT
For a workable plan that addresses the crisis without socializing the markets or corporate welfare for Wall Street, see http://starboard.blogtownhall.com.

I cannot understand the "bailout bounce" that Obama''s receiving when the entire crisis can be laid at the feet of the Dems! Don''t believe it? Check out the video from the 2004 Fannie Mae congressional hearings! http://www.youtube.com/watch?v=fa0agm7lIPQ

You''ll see the Republicans sounding the alarm and trying to work to forestall a crisis - while the Democrats deny there IS a problem and heap PRAISE upon Franlin Raines... the head of Fannie who made $90 Million in 6 years while driving the economy onto the rocks; who left Fannie under a cloud of scandal, and who is an economic advisor to Obama.

And Obama was the #2 recipient of Fannie/Freddie money for the last 9 years - but he was only a Senator for 3 of those years!
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by mingthemerciless October 1, 2008 1:04 PM EDT
Has congress thought about the ramifications to the future of our economy? Are we bailing out the whole United States? Today, the US government put up a $25 billion dollar loan to help the automotive industry. We are bailing out Wall Street; we are bailing out the banks. Where does it end and at what cost to our economy?

What about the little guy, the person who can%u2019t afford their payments due to increases in the cost of living? People are trying to downsize, (i.e. BuyMyHouseBeforeTheBankTakesIt.com ) and are trying to liquidate their real estate without loosing their credit.

We as a country have to look at the bigger picture, our economy and the way we do business. We have been through this in the 80%u2019s and the missing component to our country in production. We need to produce and export products and services. We have to create higher paying jobs so people can afford to pay their bills.
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