Obama, McCain both vote “Yes” on Senate bailout bill

Both Senator McCain and Senator Obama were back in Washington, DC today to vote on the Senate’s version of the proposed $700 billion Wall Street bailout proposal. The Senator version will now be sent to the House, however, both Obama and McCain have now taken a position by giving a nod to the legislation. Sen. Joe Biden, Obama’s VP, also voted to approve the bill.

You can view the roll call vote here:

McCain (R-AZ), Yea
Obama (D-IL), Yea
Biden (D-DE), Yea

Report from CBS News:

(CBS/AP) After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.

Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.

In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.

Bipartisan supporters rallied around a unity theme – a stark contrast to the political bickering that marked Monday’s shocking House defeat, reports CBS News correspondent Bob Orr.

The measure did not cause the same uproar in the Senate, where both parties’ presidential candidates, Republican John McCain and Democrat Barack Obama, were making rare appearances to vote their support. That would send the package back to the House, where passage would require a turnaround of 12 votes from Monday’s 228-205 defeat.

Leaders in both parties, as well as private economic chiefs everywhere, said Congress must quickly approve some version of the measure to start loans flowing and stave off a potential national economic disaster.

So there you have it, both Presidential candidates taking the same stand on this both voting in favor of the Senate’s form of the bailout. On the surface this doesn’t do anything yet as it has to be passed by the House, perhaps as early as Friday. That is, of course, if the House doesn’t cave to voters who seem to oppose the measure. As of right now, the House email system is still bogged down by voters expressing discontent with the bailout bill.

More reporting tomorrow on this as the chips fall.

  • http://therealmccain.com/ nzpudding

    I saw Obama’s speech on C-Span but I must have missed McCains, did he give one?

  • http://www.youdecide2008.com/category/commentary-opinion/the-professors-corner/ Michael

    I’m not completely sold this thing is going to work— 700 billion dollars divided by 300 million people equals how much again?

  • Judy Dean

    I hope the voters take note as to how their representatives
    vote, and when they are up for re-election, repay them for
    spending our money so foolishly. How dare they.

  • Babs

    I’m not sold on it either in principal or practicality. I’ll be more interested to see what steps are taken after the bill has passed the house in regards to actually fixing what’s broken. This bill only stops the bleeding – I want to see some major surgery done to these institutions, especially Freddie and Fannie. I still say if we had to buy up the bad paper we should have also bought up an equal amount of good paper.

  • nyth

    Ah, the sweet smell of corporate welfare.

    Traitors, the lot of them.

    I almost feel sorry for the congressmen who are having to choose between not having votes to be re-elected, because they vote for this inane bill, and not having the bankroll to fund a re-election campaign, because the big “donors” are looking for stooges who will shovel money into their pockets on demand. Almost, but not really.

    I was already heavily leaning toward voting third party, but this irrevocably sealed it.

  • Babs

    Now that it’s pretty much a done deal, I’m ready to start fixing blame. And here’s video from C-Span to tell me where to fix it – from the donkey’s mouths. THIS is what should make every american furious.

    http://www.youtube.com/watch?v=_MGT_cSi7Rs

    It’s over 8 minutes long, but stick with it. I’m disgusted, and I really, REALLY want actions against these democratic leaders.

  • http://www.youdecide2008.com Nate

    I’m not completely sold this thing is going to work— 700 billion dollars divided by 300 million people equals how much again?

    It’s not going to work in the sense that it remedies the cause. Plus, what will these politicians do if the DOW drops next month? Will they be writing more checks? Bailouts are an endless circle, there will always be someone else waiting in line for their cut of the pork.

    We need long term steady perspective here.

  • http://www.youdecide2008.com/author/dreadsen/ Dreadsen

    I am so glad both of them voted on this. I could imagine if one voted different from the other one. There would be so much partisan spin on how one is the devil while the other one isn’t and there would be 60 posts here. This goes to further show just how similar these guys intentions really are.
    Both of these guys voted for it because they both have big corporations in their back pockets. Warren Buffet is a supporter and advisor to Obama and he has a lot to gain in this deal. Roger Altman Obama spokesman who has a whole host of investors who have bad ties in AiG who need this bail out to happen so their money is diluted.

    Don’t think i need to explain McCain he has a TON of wall street lobbyist working directly for his campaign. 83 i read somewhere. So don’t believe either one of these guys.That is probably the real reason why they voted for this.

  • Babs

    Agreed, Nate. No more tax and spend. Cut, cut, cut.

  • ed read

    I have been pretty busy with my work to follow closer some explanation about the cause of this bailout.
    Why the bill request 700,B USD and where exactly they are going to apply it to fix the problem?.
    Still, I think it is unfare to charge the bill uniformly to all the american people.
    Why this bill is not charge differentialy to oil companies, weapons companies and rich people?

  • JD

    Nate – “It’s not going to work in the sense that it remedies the cause. Plus, what will these politicians do if the DOW drops next month? Will they be writing more checks? Bailouts are an endless circle, there will always be someone else waiting in line for their cut of the pork.”

    It may not matter. There are reports coming in that they are still not certian there are enough “yea” votes which means Dems are going to have to come up with the missing votes if they cannot convince the Republicans.

    http://www.time-blog.com/swampland/2008/10/no_bailout_vote_tomorrow.html

    “Unless more names of Republicans committed to switching their votes are produced by tomorrow the vote will be postponed till the weekend to give Bush and the GOP more time to convince their members to vote for the deal. Fearful of a Monday repeat, Dems are refusing to bring the bill to the floor unless the have the actual GOP whip counts – including names – showing they have enough votes, the aide said.”

  • Christopher Schwinger

    “Government and business aligned with each other” – FASCISM. And why is it bad? Because if the government controls business, powerful people in the government can make laws such as “if you dissent on such-and-such a government policy, you will be unable to purchase items . . .”. Too much power concentrated in the hands of a few–the definition of an oligarchy. AND MCCAIN JUST SAID HE WANTS TO BE A DICTATOR! YET PEOPLE STILL ARE INTENDING TO VOTE FOR HIM!

  • tehmazing

    I think McCain made a big mistake supporting this. I loved what he had to see about pork barrel spending, and now he does this. Wasn’t there some republican alternative he could pushed/voted for? Or just done the very easy thing and pushed against the bailout that would have been even better!

  • Scott

    The real issues about this are not if it works or not. It will just make it fail later if they pass it.

    Section 8 of the bill is the real issue, NO GOVT OVERSIGHT!!!

    Our money can recover, but if we give our rights away, we are stupider then i thought.

    Wake up America!!!!!

  • Babs

    “AND MCCAIN JUST SAID HE WANTS TO BE A DICTATOR!”

    My mercy, CS, there you go again. Next thing you know that’ll be a quote on the Drudge Report.