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Biden Warns of "Real Trouble" if Bailout Plan Collapses

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September 30, 2008 6:48 PM

ABC News' Matthew Jaffe Reports: With Thursday's vice-presidential debate looming, Sen. Joe Biden, D-Del., is focused on debate prep, holed up in a downtown Wilmington hotel with Michigan Gov. Jennifer Granholm, but on the minds of voters there is one issue of paramount importance: the embattled economic rescue plan struggling to make it through Congress.

Biden took a break from debate prep Tuesday to grab lunch at Wilmington's Charcoal Pit, where he fielded two questions from voters concerned about the nation's precarious economic situation.

"It’s real trouble," Biden said of the prospect that the rescue plan might not come through. "What people are going to do if they don’t get this done, people are going to lose their jobs, their pensions."

The Delaware lawmaker noted that the $700 billion bailout - "if it works the right way" - will be paid back to taxpayers.

"Way we’re making it sound now and what our Republican friends are saying is, ‘we’re not gonna bail...'," Biden said. "I mean, it’s people’s jobs."

"That why we’ve got to have this package," emphasized Biden to another voter. "This is not a $700 billion check we’re writing out. We’ll get this money back."

Even after he finished his cheesesteak lunch, Biden was not done with the questions on the economy, with a reporter asking if he thought an agreement would be reached on the rescue package.

"I'm hoping so," Biden replied. "We need to."

And with that, it was back to debate prep, but the senator will return to Washington later this week for a vote on the bailout plan if it comes to one.

September 30, 2008 | Permalink | User Comments (45)

User Comments

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No, the real trouble will be is if Obama/Biden somehow cheat their way into the White House.

We just think we are in trouble now.

Posted by: S Adams | Sep 30, 2008 7:13:24 PM

Yes, Biden's pension is on the line and his cheesesteak lunch probably gave him indigestion. There are NO guarantees that you will get the money back, Mr. Biden and there are NO guarantees that this will solve the problem---in fact, this bailout for Wall Street and the banks will not fix the problem...there is nothing in the bill that will fix the problems of the millions of homeowners that are going to lose their homes or those in foreclosure---no bailouts for them. Banks will still charge outrageous interest on credit cards, homes are WAY to expensive now for the middle class and totally out for those making less, and taxes will have to be raised to bail out the bailout. If you are thinking of America then let the Stock Market readjust, and let the banks that made the bad decisions go and the many banks that didn't follow suit thrive.

Posted by: Mike | Sep 30, 2008 7:17:32 PM

S Adams nice talk you jerk.He is serious and you are a republican with no knowledge of what is going on so go get a life before it is to late.
Mike life has no giarantees.Not only Bidens pension is onthe line the little people need this but you a-- holes are to numb to see it.

Posted by: indp voter | Sep 30, 2008 7:31:32 PM

Ahhh..cheating...now that's a new twist! Who made up that one? You guys should get together and write a movie or something - you know, use your imagination for good instead of evil.

Posted by: joel | Sep 30, 2008 7:34:59 PM

- Barack Obama - First Presidential Debate, September 26, 2008

“I think Senator McCain’s absolutely right that we need more responsibility…”
“Senator McCain is absolutely right that the earmarks process has been abused…”
“He’s also right that oftentimes lobbyists and special interests are the ones that are introducing these…requests…”
“John mentioned the fact that business taxes on paper are high in this country, and he’s absolutely right…”
“John is right we have to make cuts…”
“Senator McCain is absolutely right that the violence has been reduced as a consequence of the extraordinary sacrifice of our troops and our military families…”
“John — you’re absolutely right that presidents have to be prudent in what they say…”
“Senator McCain is absolutely right, we cannot tolerate a nuclear Iran…”

Posted by: indp voter | Sep 30, 2008 7:43:28 PM

Biden the blowhard, Hey Joe the market went UP today. I thought we were gonna implode if whiny Wall St. and "down on one knee Henry (Ap)Paulson" didn't get their way? But then again Biden's credibility has ALWAYS been in the toilet!

Posted by: hmn | Sep 30, 2008 7:43:40 PM

indp voter-It's a fact that the majority of the Americans think the bailout is a bad idea.
The Democrats have the majority, they didn't need 1 Republican vote to pass the bailout.
They only wanted the Republicans to vote on the bill so if the bailout fails they are not left holding the bag.
Now that it hasn't passed though, the Dems are going to go back and pass the original bailout, you know the one with all the handouts to lobbyist that the Republicans refused to vote on at all.
After the Dems get the bailout passed they will claim that they have swooped in and saved us from the financial crisis.

Joel--ACORN-you know, Obama's organization that is being investigated for voter fraud.

Posted by: S Adams | Sep 30, 2008 7:47:38 PM

This 700 Billion is ANOTHER Political SCAM to help the RICH.

Posted by: Brad | Sep 30, 2008 7:47:59 PM

NO bailout for thr RICH !

Posted by: Martin | Sep 30, 2008 7:50:58 PM

Did the bailout get passed today??
No?
Then why did the stock market go up 400 points today?
Stop falling for the doom and gloom indp voter.
If it gets passed, we'll be okay and if it doesn't we'll be fine too.

Posted by: S Adams | Sep 30, 2008 7:53:10 PM

BOTH PARTIES SHOULD VOTE NO FOR THE BAILOUT.

Posted by: Don | Sep 30, 2008 7:53:33 PM

If the elected officials in the Senate were really trustworthy and not being paid by lobbyist, they would demand that all the CEO's who got huge payouts for their failing company pay the money back.

Where's the accountablity in all of this?

Posted by: S Adams | Sep 30, 2008 7:56:49 PM

The last thing we need right now is to WASTE another 700 Billion Dollars!We should all vote for the party that puts a stop to this SCAM for the rich.

Posted by: Mary | Sep 30, 2008 7:57:28 PM

Total Annual Outlays (Federal Funds): $2.65 trillion

MILITARY: 54% for $1,449 billion
NON-MILITARY: 46% for $1,210 billion

Gee, I wonder what part of our national budget we can reduce?????????

Posted by: It's not that hard to figure out | Sep 30, 2008 7:57:43 PM

Quit WASTING $200 BILLION/YEAR IN IRAQ!

There was no plan, there is no mission, and no one has defined what it is to "win" in Iraq....because they don't know!

Quit listening to flag waving platitudes and ask your leaders what defines "victory" in Iraq.

McCain, Bush, nor Obama has ever said when we can say the US "won" the war. Reason....they don't know!

There is no "winning" in Iraq. There is no one to surrender. AlQida will not be stopped because we occupy Iraq. They'll just move to the dozens of other countries that now despise us because of the war.

So what is the point of spending $200 BILLION a year again? Oh yah. So a bunch of pinheads can say USA, USA, USA.

A trip to the Olympics for every citizen in America would have been cheaper!

Posted by: Talk About Wasteful Spending | Sep 30, 2008 8:06:29 PM

McCain and Obama need to stop being politicians and put a stop to this SCAM. This is typical politics, get democrates and republicans arguing with each other than allow this scam to happen and try and say it is for the good of the people. They are both WRONG. I will vote for which ever one does their best to STOP this SCAM.

Posted by: David | Sep 30, 2008 8:08:45 PM

Talk About Wasteful Spending you are right, we should stop wasting money in Iraq and for corporate bailouts. Obama and McCain are both wrong and should not be elected as President.

Posted by: Derick | Sep 30, 2008 8:15:03 PM

I don't think anyone knows what they are doing. Politicians panicked, American people played off of that, and panicked.
We need some REAL leadership.
Anybody?....Anybody?...

Posted by: S Adams | Sep 30, 2008 8:20:37 PM

Posted by: LightSeeker | Sep 30, 2008 8:21:32 PM

An Acorn Falls from the Tree

ACORN has often been in the news since 2004. Officially, they work to register voters and support housing. In reality, everyone in public life knows that they are hardcore supporters for the Democratic Party, and employ bare-knuckle tactics. Their organization is plagued by repeated investigations of voter fraud and other crimes.

In Ohio, where as secretary of state I oversaw elections for eight years, ACORN has been busy. One ACORN man in Reynoldsburg was indicted on two felony counts of voter fraud, and another was indicted in Columbus. Other such problems surfaced in Cuyahoga County, where criminal investigations are ongoing.

It’s not just Ohio. ACORN personnel are facing criminal charges in over a dozen states. In Washington State, for example, seven ACORN leaders had felony charges filed against them for voter fraud.

And there’s an unexpected twist. One of the organizations accused of pushing banks into making many of the unwise loans at the heart of the current crisis is … ACORN. Now that’s ironic. An organization that possibly contributed to our current financial profits is now being considered to make money off of it. And by “money,” I’m referring to your tax money.

Twice already this year Congress has funneled money to ACORN. Some report that February’s economic stimulus included funds for ACORN, as did the bill to help people struggling with mortgages passed this April.

...

Voter fraud is in one sense the worst crime against democracy. The sole means of democratically choosing leaders is through voting. Every voter gets an equal vote. Every citizen who is a law-abiding adult has an equal voice in who will govern us. Our vote is sacred. Those engaging in voter fraud are in one sense no different than who intimidated voters at the polls in years past. Voter fraud may not be attended by the suffering that accompanied the beatings and water hoses of those days, but the assault on democracy is no less real.

ACORN is a discredited organization, and far too many of its leaders and workers have been prosecuted for felonies against democracy. The idea that a single dime of taxpayer money would ever go to such a group is an outrage.

And Mr. Obama needs to explain his involvement with them.

http://article.nationalreview.com/?q=N2Y5MTc0ZTAyMmE1Mjk3NGE3OWRiY2FkMjZlN2YxYzc=

Posted by: LightSeeker | Sep 30, 2008 8:30:53 PM

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