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…
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….
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.
Video of Sen. McCain’s statement from CNN:
More to come later…