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McCain, Obama 'Confident' That Bail Out Deal Will Be Made

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September 25, 2008 7:28 PM

ABC News' Julia Hoppock reports: Presidential rivals Sen. John McCain (R-Ariz) and Sen. Barack Obama (D-Il.) both expressed confidence tonight that the an agreement on the $700 billion financial bailout bill would be made despite growing concerns that the deal could fall through.

Obama and McCain met with President Bush and top Congressional leaders in an emergency meeting earlier today to address the financial crisis, but did not emerge with a finalized agreement.  ABC News' George Stephanopoulos reported that Treasury Secretary Henry Paulson feared the deal may collapse.

I an interview with ABC News' Charlie Gibson, McCain repeatedly said he was 'confident' that Congress and the President would come to an agreement on legislation soon. (Read the full interview transcript HERE.)

"I am confident we’ll have an agreement.  We have to," McCain told Gibson.

Obama told Gibson that there was a sense in Congress "that we could move forward," but suggested that House Republicans were holding up an agreement on this legislation and urged for fast action.

"The House Republicans stated that they recognized the urgency but they are just not clear that they buy this approach," Obama told Gibson.  "So the question I asked was do we need to start from scratch or are there ways to incorporate some of their concerns." (Read the full interview transcript HERE.)

McCain said there were lingering concerns among members in his party regarding provisions that called for modifying mortgages for homeowners at risk of foreclosure, but added that other concerns "had already been satisfied."

McCain made waves in the political world when he announced Wednesday that he would “suspend" his presidential campaign and suggested delaying the first presidential debate to take place in Mississippi on Friday, to deal with the financial crisis. Aides to McCain have said that the Arizona Senator would not attend the debate unless a deal had been put in place, Stephanopoulos reported.   But McCain told Gibson that he thought he might be able to attend the debate.

"I believe it's very possible we can get an agreement so that in time for me to fly to Mississippi," McCain told Gibson.  "But I also wish that Senator Obama agreed to the ten or more town hall meetings that I had asked him to attend with me.  Wouldn't be quite that much urgency surrounding these debates if he had agreed to do that, instead he refused."

Obama said that he hoped McCain would come to the debate and felt that it was important that both candidates address the concerns of the American people in that forum.

"Either John McCain or I are going to be in charge of this mess in four months and I think that it is critical for the American people, in a time where they’ve got enormous questions to ask, what exactly you think needs to happen, what is your long-term vision on critical issues….So there are a host of issues that I think need to be presented to the American people.  I think that the debates can do that, my hope is that it goes forward."

September 25, 2008 | Permalink | User Comments (213)

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So Obama passed on the town hall meetings- that's become McCain's get out of jail free card for everything? Pathetic.

I'm a New Hampshire voter for OBAMA!!

Posted by: NH13 | Sep 25, 2008 7:41:44 PM

Why is it every time John McCain does something vile he blames Obama not doing town hall meetings with him.

What I've taken away from this little episode is that John McCain is willing to put the United States economy in jeopardy for a photo-op when the political winds don't blow his way. To my mind, that's traitorous.

Posted by: TRBoston | Sep 25, 2008 7:51:53 PM

And where's McCain now as senators and aides are working on a deal as we speak?

At home. One of his seven homes, his condo in Arlington, Va.

The pool report: McCain left ABC at 5:46 pm after speaking to all the nets inside. He arrived at his residence at 5:57 pm.

That's not a work ethic you can believe in.

He's such a leader that he'll work around the clock to get this problem solved, unless he has to stay at the office later than 5:30.

Posted by: herta | Sep 25, 2008 7:54:51 PM

McCain the cynic.

He basically blew up the negotiations, and now he is at home, enjoying the success of the campaign's distraction from Rick Davis's lobbyist firm scandal and Palin's horrendously empty headed interview with Katie Couric.

He's no second Bush. He's worse.

Posted by: camelot | Sep 25, 2008 7:59:11 PM

What is amazing me is Bills mouth. It's all over the place how he is sticking up for McCain. It is obvious he is trying to derail Obamas campaign.

With Hillary, I made excuses for him but now, I think it is obvious Bill has an agenda and it isn't for the democrats or the republicans. It is all about his own ego.

I couldn't think of anywhere else to post this!

Posted by: Ver | Sep 25, 2008 8:00:24 PM

The irony, if you can call it that, is that McCain stunt may get him some press, but it makes the possibility of a deal in the short term increasingly unlikely.

The fact that the GOP would walk into the meeting with the president, after a day of bipartisan progress, with an entirely new, campaign-ready "conservative alternative" proves that this was a political stunt.

It may be smart, it may be savvy, but it surely is the opposite of the "Country First" argument McCain has been making these last few months.

Posted by: megan | Sep 25, 2008 8:01:27 PM

Obama has demonstrated throughout that he's for himself first - only for country when it's related to him. That's the hideous politics that he has been playing, but not yet been caught by the majority.

Posted by: young_voter | Sep 25, 2008 8:01:31 PM

McCain is coming up with every excuse in the book to prevent Palin from having to be critically eximined by the people of the US and almost as many excuses so that he won't either.

Posted by: Run away! Run Away! | Sep 25, 2008 8:02:21 PM

"President Bush's biggest worry is House Republicans, many of whom seemed unimpressed Thursday with McCain's heightened interest." I wasn't impressed either.

Posted by: Mike | Sep 25, 2008 8:05:02 PM

Palin is appointed by GOD and once she gets in that White House this country will become a great nation again, no more gays, no more liberals, its disgusting right now to the morally correct. This financial mess was brought upon us by the liberals and it is Gods punishment for disobeying his word.

Posted by: Esther_L | Sep 25, 2008 8:05:57 PM

young voter - Your right. When Obama gave up the chance of a prestigeous career as a high powered attorney to help the less fortunate he was only thinking of himself.

Posted by: Seriously | Sep 25, 2008 8:06:12 PM

I think anyone who votes for McCain-Palin is an idiot -- and this goes double if you're a woman.

Posted by: marilyn | Sep 25, 2008 8:06:36 PM

everytime there is a big drop in the polls McCain has to shake it up with some dramatic move. If he were president his dramatic move might be a nuclear attack on Iran if his popularity drops in the polls.

Posted by: Alan Fine | Sep 25, 2008 8:07:16 PM

McCain why do you keep insisting about the town hall debates. NO WAY NO HOW is Obama going to have town hall meetings with you.

Release Palin from prison so she could have the priviledge of having town hall meetings with Biden too. You BARELY released her for a few minutes to attend an interview with Ms. Couric on CBS and she did an AWFUL job. WHAT A SHAME MCCAIN!!

Posted by: SHINY | Sep 25, 2008 8:07:16 PM

The only reason John McCain went to Washington was to delay any deal until well past Friday so he would not have to debate Obama. It is as simple as that and as clear as the nose on your face. He is down in the polls folks, and did this grandstand stunt to try to say how presidential he is and all that crap of his about "Country First" when it is really John McCain first! If he does NOT bebate Obama tomorrow evening John McCain will not only forfeit the debate, but the election as well. His little grandstand stunt is pulling all the Republicans up for reelection down the drain with him! Put a fork into good old John because he is done and finished!

Posted by: WISDOM FIRST! | Sep 25, 2008 8:07:24 PM

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Posted by: Z, Mooresville NC | Sep 25, 2008 8:12:06 PM

Quick, someone get McCain a big "Mission Accomplished" banner!

After all, real leadership is all about photo-op and posturing, right?

Posted by: The Vain McCain | Sep 25, 2008 8:12:40 PM

Meghan,

you are stupid!! you do not seem to know anything about what is going on with the day-to-day politics or the election in whole.

You need to do a lot of catching up on news.

Posted by: shiny | Sep 25, 2008 8:12:44 PM

LA Times: Praise For Those Who Caused This Disaster (May 31, 1999)

It’s one of the hidden success stories of the Clinton era. In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of African Americans owning their own home is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites.

These numbers are dramatic enough to deserve more detail. When President Clinton took office in 1993, 42% of African Americans and 39% of Latinos owned their own home. By this spring, those figures had jumped to 46.9% of blacks and 46.2% of Latinos.

Under Clinton, bank regulators have breathed the first real life into enforcement of the Community Reinvestment Act, a 20-year-old statute meant to combat “redlining” by requiring banks to serve their low-income communities. The administration also has sent a clear message by stiffening enforcement of the fair housing and fair lending laws. The bottom line: Between 1993 and 1997, home loans grew by 72% to blacks and by 45% to Latinos, far faster than the total growth rate.

Lenders also have opened the door wider to minorities because of new initiatives at Fannie Mae and Freddie Mac–the giant federally chartered corporations that play critical, if obscure, roles in the home finance system. Fannie Mae and Freddie Mac buy mortgages from lenders and bundle them into securities; that provides lenders the funds to lend more.

In 1992, Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income. That’s made banks willing to lend to lower-income families they once might have rejected.

http://articles.latimes.com/1999/may/31/news/mn-42807

Posted by: LightSeeker | Sep 25, 2008 8:14:12 PM

Poor Obama. Bill doesn't hate McCain and it's hurting Obama. Boo-hoo. It is frightening how many people think the world is all about Obama.
You want to talk about Rick Davis, but you don't want to talk about Johnson or Ramekin or the fact that the democrats created this mess (who else would want to house individuals who can't really afford a house?). At least be honest about your hypocrisy.

Posted by: Susan | Sep 25, 2008 8:15:38 PM

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