Candidates will return to DC for bailout vote (Update)

As of this moment, the House just rejected the bailout bill minutes ago sending the whole thing back into a tailspin. The bill they rejected was some form of the proposed $700 billion in Wall Street bailouts. The Obama campaign has stated that the Senator will be heading back to Washington, DC to vote as early as Wednesday. The McCain campaign also said John McCain will most likely be heading back as well.

Report from the AP:

WASHINGTON – Democratic presidential nominee Barack Obama plans to return to the Senate this week so he can vote for the Wall Street bailout package.

The Illinois senator is expected to support the plan, but hasn’t committed yet since he’s still examining the details. The $700 billion compromise legislation is up for a vote Monday in the House, with the Senate vote expected as early as Wednesday.

A spokesman for John McCain said the Republican nominee plans to be in Washington and hopes he’ll be able to vote, depending on the schedule.

Obama was scheduled to campaign Wednesday in La Crosse, Wis. It was unclear if his morning rally there would still go on, depending on when the vote is scheduled, but campaign organizers said they hoped he could still attend.

More to come on all this shortly…

Update

Report from CNN on the “No” vote:

Ironically enough, the Obama campaign released a statement on Sunday before the plan failed:

Chicago, IL – Statement of Barack Obama on Financial Plan Breakthrough:

“The breakthrough between Congress and the Administration is the culmination of a sorry period in our history, in which reckless speculation and greed on Wall Street and lax oversight from Washington led to a meltdown of our financial markets. But regardless of how we got here, a failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security.”

No deal to speak of now nor was there really one then when he released the statement. Currently awaiting on a new statement from Obama and an expected statement from McCain coming up in minutes on the vote failure.

What is amazing here is that Obama is calling on his Democratic colleagues in congress to support the bill, however, Obama has given tepid support, at best, of this proposed bailout. McCain has seemed to support it a bit stronger but still hasn’t bought into it all the way. My question then is, what gives?

Stay tuned for more….

Update

Statement from McCain via Politico:

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin

McCain is blaming the Democrats and Sen. Obama. Something tells me Obama will be blaming the Republicans and Sen. McCain. Sounds like progress to me when both sides blame each other!

Awaiting response from Sen. Obama as well.

Update

Video of Sen. McCain’s statement from CNN:

More to come later…

  • JD

    This is going to keep the economy front row and center. Economy is Obama country as pointed out by the polls (if we can believe poll numbers).

  • U.S.A.

    Well, some where I work lost their jobs today. Thank you to the Republicans!

  • Babs

    USA, you’re thanking the wrong people. The democrats run congress, have you forgotten? They were 94 votes in the nay today.

    JD, this is also a point that veers from an economy to bipartisanship, and that’s McCain country. Pelosi made a big mistake today, and wouldn’t even stand up for her words at the press conference. Somebody should’ve put a muzzle on that dog.

  • JD

    Babs – “We may find out the hard way whether they’re right or not. 52% of US citizens polled are saying no deal still, and many congressmen intend to vote with their constituents, which is what we elect them to do”

    I agree 100%. the congress is voting as they should. It really bothers me that the presidential politics has injected itself in this.

    It is almost a game of who gets credit now and…

    “When elephants fight only the grass looses.”

  • U.S.A.,

    No blame to the 90 Democrats who could have passed the bill but went against Pelosi as well? Don’t ignore facts so you can blame Republicans for the failures of your party’s so-called leadership.

    The Republicans and the 90 Democrats were listening to their constituents who were telling them 20 to 1 to vote NO on this garbage.

    Maybe if Nancy Pelosi and the other Democrats who voted for the bill cared about their constituency or listened to them, their approval ratings wouldn’t be like 12%. Or rephrased, 88% of the American people disapprove of the failing Democratic congress. More people approve of Bush at 35% than this joke of a congress led by Nancy Pelosi.

    Listen to your Democratic Party back in 2004 covering up for the impending catastrophe known as Fannie Mae and Freddie Mac:

    Did you watch your Democratic leaders say everything was just peachy fine with Fannie and Freddie? They were either lying or so outrageously incompetent they couldn’t see the problem the way the Republicans did.

    Thank you to the incompetent Democrats who caused this mess because they said it was racist not to loan money to people who couldn’t afford to pay it back! Thanks a lot! Republicans called for more oversight in 2004, Democrats fought it and said Fannie and Freddie were in fine shape.

    So the next time you blame Republicans and the 90 Democrats who voted “No” on this bill, remember it was members of your party who said this whole thing wasn’t an issue and would never amount to anything.

    Boy were they dead wrong and unspeakably incompetent.

  • Babs

    JD, it’s more congressional politics inserting itself now. The food fight today had nothing to do with McCain or Obama, just Pelosi and the republicans who didn’t want to vote for the thing to start with.

  • Babs

    CG, I don’t know where you got that clip, but thanks for posting it. It reminds me again why I’m voting for McCain.

  • Before you start using fuzzy maths again Babs. Over 60% of Dems voted for it and over 60% of Reps voted against it. I can understand why a lot of Dems aren’t too keen to follow a Bush plan, but not sure why so many Reps are against it.

    I don’t think Pelosi did anyone any favours though, some of her thoughts should have been kept to herself and she sounded almost Palincoherent in the press conference. However, she wasn’t the reason why the bill didn’t pass, too many Dems didn’t like it and even more Reps didn’t.

  • CG, I was under the impression that back in 2004 the GOP was in charge of both the Senate and Congress….am I wrong? If not then how can the blame of the mess that the US is in be put solely at the Dems door?

    Also, I thought Mr ‘Straight Talk Express’ was able to reach across party lines to ‘get the job done’? and he even suspended his campaign to do just that.

    Seems to me there’s a tonne of BS floating around at the moment.

  • U.S.A.

    Babs
    Conservative Gal

    How did I know that someone would try to defend the Republicans on this. There were several Dems who voted no but the majority of the no votes came from the Republicans who had said they would give support prior to this deal.

    No doubt the Republicans are to blame for the most part althought I do say that some of the Dems are at fault as well.

    Even when the people are the ones who are getting hurt you still cannot admit that the Republicans carry some blame.
    It don’t matter in the end because come November you will have a Democrat for President like it or not. Then we will see what you have to say.

    If you look at the numbers from both sides on this vote today, you know who failed. The Republicans did it yet again!

    “pelosi hust my feelings” cry,cry, and blame her if you want but while this is the Republicans excuse people are beginning to feel the pain of the Republican ways again.

  • U.S.A you’re too predictable.

  • bdjnk

    Conservative Gal

    Thanks for the insightful video, I have passed it on to everyone I know.

  • Krodis

    This bill didn’t get passed because Pelosi opened her big stupid mouth and the house republicans threw hissy fits and changed their votes. I don’t like Pelosi, so I’m not about to defend her, and she should’ve kept her mouth shut, but if any house republican actually changed their vote because of what Pelosi said, those people are whiny, immature brats.

    I’m not about to argue here whether the bailout is good or not. I don’t really like it on principle, but I don’t like the economy tanking because the banks fail, either.

  • OBAMA_SUCKS

    Pelosi is the biggest female dog on the face off the planet. She is the worst speaker of the house in all its history. If i ever saw her I do not know what i would do today.

    To all who say oh its the republicans fault, stop using partisan attacks like always and just be neutral for once until this is over and resolved.

  • Jim819

    This was a bad bill from the start. The people, mostly in the all-important swing states, protested this bill the most. Many R`s and D`s, who voted against it, did so because they were afraid of being voted out of office. With that in mind, given the current political landscape, given the plan always resembled something out of socialism, of course there`s gonna be more R`s than D`s voting against it.

    However, as of this morning, according to News reports, etc., the House still very narrowly had enough votes to pass this bill. When McCain 1st arrived in Wash., only 4 R`s supported the plan. By today`s vote, he had convinced at least 60 more House R`s to vote for this bill. So McCain got just enough R`s to support it and, therefore, narrowly pass it, even tho most in the House vehemently opposed even the modified version of the bill.

    Regardless, there were enough votes for this to narrowly pass this morning. So, what took place between early this morning and the actual vote to change enough minds to defeat this bill?

    Was it Pelosi`s partisan speech? We may never know for certain!

    Btw, without McCain`s influence, this bill fails to pass by a far greater margin. The vote would not have been close. That is – if this bill would have even reached the point to be voted on in the 1st place.

    Now McCain has the option of getting enough R`s again for the next vote on the next modified version of this plan. Hopefully, it`ll be a good enough plan to pass this time! The previous 2 versions clearly were not good enough in the minds of all those people in swing states, ready to vote those out of office who voted for this bill!

    Interestingly enough, McCain is being advised by some high-ranking R`s to also oppose this bill because of the socialism sure to be in. That gives McCain a built-in reason to oppose it, which is the popular thing to do if he really wants to put the election before country!

    Dick Morris and Newt Gingrich are exs. of R`s giving this advice!

  • JD

    **NEW** Obama TV AD – New Direction on the economy

    http://my.barackobama.com/page/content/samepath_ad/

    **NEW** RNC TV AD – Obama will cost you more…

    http://thepage.time.com/2008/09/30/rnc-ad-obama-will-cost-you-more/

  • JD

    “McCain chastises Congress for their inability to work together and pass the bailout bill in the House during remarks ahead of a roundtable in Des Moines, Iowa Tuesday.

    Calls the current economic situation “the greatest financial crisis of our lifetimes,” going on to say that “Congressional inaction has put every American and the entire economy at risk.”

    Again calls on the Treasury to utilize its Exchange Stabilization Fund to back money market accounts, urges government to grant the FDIC the authority to raise the insurance deposit cap.”

    http://thepage.time.com/mccain-remarks-on-bailout-failure-ahead-of-iowa-roundtable/

  • STOP THE IGNORANCE

    BABS: I SEE YOU ALL OVER THIS SITE, BUT POINT IS IF THIS DOESN’T GET STRAIGHT YOUR RED SELF WILL BE SITTING IN THE CRAPPER WITH THE REST OF THE COUNTRY. LOOSE THE PARTY FLAG AND THINK UP SOLUTIONS.

    ALL OF YOU FIGHTING AND BLAMING PARTIES ARE DUMB AS EVER.

    AM I THE ONLY ONE CONCERNED ABOUT THE FACT THAT A BROKE NATION IS TRYING TO BAIL OUT DECIETEFUL WALLSTREET DEALINGS?

    WHERE IS THE MONEY COMING FROM TO BAIL THEM OUT? INVESTORS???

    Please don’t say that it’s coming from mortages or whatever, becuase if you hadn’t noticed this bill is to be a quick fix, but will probrably have longterm consequences.

    DOES ANYONE ASK WHO THOSE INVESTORS WILL BE????

    DO YOU PEOPLE REALIZE THAT THE VERY GROUND YOU LIVE ON IS BEING SOLD TO COUNTRIES OVERSEAS?

    This is not a red or blue problem people. This problem was years in the making. And for all those against the Dems consider this….majority of our presidents were Republican. The fact is AMERICA CANNOT BAIL ITSELF OUT!!!! Back when the depression happened we had the ability to sustain without aid from other countries. Now everything is brought in from over seas, from clothes to toys to food to oil. That is why these fools are in such a mess. Unfortunately there are those who can care less about what happens to the rest of the world just long as the are financially set. Somebody needs to put a hole in their golden parachutes and send them crashing into a federal prison. I’m sure the boys on top have enough assets to bail out any one company.

    I personally don’t want a bailout unless they can tell me where the money is coming from. Printing more funds only decreses the over all value of the dollar so that doesn’t make sense. The only thing the country would seem to be able to do is borrow money from somewhere i.e. another country such as China or Saudi Arabia or anyone else.

    Everyone has to beat down the doors to the government wherever you are and tell them to bring jobs back and let’s make this nation self sustaing again. Our dependency on other nations is going to be our ruin.

    If you think I’m wrong on any of this or can answer any of my questions. Please do respond.

    Watch out people one day you are going to wake up and Washington state will be China part 2 and New York will be Saudi America.

    In the end I’m saying all this to say…be wary of quick fixes. That is part of what got us in this mess in the first place. You never know the real story of what is going on in Washington until after disater strikes and you have to wait on a commission’s report.

  • Babs

    Jim819, thanks for throwing in the figures this morning on the Republican count before and after McCain’s involvement. They’re accurate, but if I had done it I would have been slammed 6 ways to Sunday.

    To STOP THE IGNORANCE – stop the ignorance.

    Half the people here act like this bill will have no effect on them whatsoever. It will have an effect on all of us, no matter your class or tax bracket. Get off the political talking points, and try discussing the problem. I could site historical incidents that place the blame all over hell and half of Georgia. It doesn’t matter. Tomorrow matters. And that’s where our priorities should lie right now.

    The rest is just smoke and mirrors.

    There are measures the government could take today to avert a worsening of the situation in absence of the bill passing in any form. A pen stroke. They haven’t done it. Talk about that.

  • O_S wrote: “Pelosi is the biggest female dog on the face off the planet.”

    Ah but she wears lipstick 😉

    O_S also gave an insightful thought: “She is the worst speaker of the house in all its history.”

    And you’d know this for a fact because you’re 250 years old?

    And O_S said: “If i ever saw her I do not know what i would do today.”

    I’m guessing you don’t know what you do on daily basis anyway…LOL