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Obama: 'Stay Calm' on Bailout Failure; McCain Camp Blames Obama

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September 29, 2008 3:08 PM

ABC News' John Berman and Ron Claiborne report: Barack Obama told a crowd in Westminster, Colo., not to panic at the House of Representatives' failure to pass the Bush administration's $700 billion bailout bill.

"It's important for the American public and for the markets to stay calm,” Obama said, “because things are never smooth in Congress, and to understand that it will get done.”

He called on members from both parties to get back to the negotiating table: “Democrats and Republicans in Washington have a responsibility to make sure that an emergency rescue package is put forward that can at least stop the immediate problems that we have so we can begin to plan for the future.”

But, invoking a Rocky Mountain metaphor, he warned it won’t be easy.

"It's going to be a little rocky. It's sort of like flying into Denver. You know you're going to land, but it's not always fun going over those mountains."

Obama said he began his campaign event late because he said he was on the phone with Treasury Secretary Henry Paulson and House Speaker Nancy Pelosi following the bill's failure. 

Speaking at the campaign event, Obama said, "The message I have for Congress is get this done.  Democrats and Republicans need to step up to the plate."

For their part, the McCain campaign seized on  the vote as an opportunity to hit Obama: “This bill failed because Barack Obama and the Democrats put politics ahead of country,” McCain senior policy adviser Doug Holtz-Eakin said in a e-mailed press release. 

When asked how many rank-and-file Democratic House members Obama called to lobby for votes, Obama spokeswoman Linda Douglass said she was not sure Obama called any.

Earlier in the day, before the bill went down in flames, Obama's Republican rival John McCain appeared to take some credit for the bailout bill.

McCain defended his decision last week to "suspend" his campaign and return to Washington, DC to get involved the bailout deal negotiations.

"I put it on hold," McCain said at a rally in Columbus, Ohio this morning before the House vote on the bill, "to fight for the rescue plan that puts you and your families and working Americans first."

McCain went on: "I went to Washington to make sure the people of Ohio ... weren't left footing the bill for mistakes made on Wall Street and evil and greed in Washington."

The McCain campaign said a new statement on the failure of the bill will be released soon.

Republican leaders are blaming Pelosi for the failure of a majority of Republicans to vote for the Bush administration's $700 billion Wall Street bailout bill.

However Pelosi and other House Democrats pointed out Democrats voted overwhelmingly for the bill, and a majority of Republicans in the House voted against it.

ABC News' Sunlen Miller and Urlsula Fahy contributed to this report.

September 29, 2008 in Obama, Barack, Vote 2008: Democrats, Washington | Permalink | User Comments (608)

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Hey, ABC! Why don't you cover the Obama ACORN and ACORN Housing scandals? Obama says calm down and don't point fingers because they can and should be pointed straight at him and his Dem cohorts! We're sick and tired of the media ignoring these issues!
Google Obama and ACORN now and read all about it!

Posted by: Casey | Sep 29, 2008 3:21:02 PM

Straight from Obama's teleprompter! "if you need me call me" - Obama, 2008

Posted by: Norman | Sep 29, 2008 3:21:26 PM

The democrats had enough votes as they have a majority and if all the democrats would have supported it, it would have passed. They are blaming the republicans, but they did not have enough of the democrats to vote on the bill. They did not need the republicans vote to pass the bill.

Posted by: Fran | Sep 29, 2008 3:21:45 PM

Uh, this proposal was put forth by the Republican administration.If a majority of Republican lawmakers weren't willing to support their president but a majority of democrats were, what does that say about who puts "country first"?

Posted by: bill | Sep 29, 2008 3:27:04 PM

You simple minded people. BiPartisan means putting politics aside for the good of the nation. When the MAJORITY of the republicans in the house vote against the bill that stands out like a sore thumb. it's your president, your vice, your Federal Reserve Chairman, your Treasury Secretary and YOur mess that you brought us all down. Give it a break for a change and think of the nation instead of your own pettiness.

Posted by: CMSgt Preston | Sep 29, 2008 3:27:30 PM

hahaha

mccain sends out email claims credit

bill fails

HAHAHAHHAHAHAHAHAHAHAHHAHAHAHAHAHHAHAHAHAHAHAHAHHAA

Posted by: Bhrandon | Sep 29, 2008 3:27:41 PM

thank you great leader!

Posted by: Bhrandon | Sep 29, 2008 3:27:50 PM

ACORN is a non-profit, non-partisan social justice organization with national headquarters in New York, New Orleans and Washington, D.C. To maintain independence, ACORN does not accept government funding and is not tax exempt.

Posted by: usedtolikemcCain | Sep 29, 2008 3:28:48 PM

We cannot save privitisation because of these self centered republicans. Stocks are plunging worldwide as we speak and China is lauging..

Posted by: james | Sep 29, 2008 3:28:51 PM

Nancy Pelosi has to be the worst Speaker of the House in history. She could not even get her own party to pass the bailout bill.

Posted by: David | Sep 29, 2008 3:29:36 PM

The Bush Administrations policy on this? Sure he wrote up the initial proposal, but you know damn well the Republicans were kept out of the furthering negotiations on this, until McCain came to Washington. Is it hard to tell the truth? Do you get hemmoroids if you do?

Pelosi's speech is a joke as well. My God. Chiding the Republicans, when there is actual footage from 4 years ago, of Republicans warning Congress that this was coming, and the likes of Maxine Waters, and Barney Frank going BAH...there's nothing wrong with it.

Give me a break. Pelosi has about as much sense as a cookie. She's an idiot. Even some of her own dems voted against it. Get it? WE DON"T WANT SOCIALISM!!!!

ACORN may have been written out of it, but remember...ACORN is just the umbrella. They are over 100's of advocacy groups, and I'm sure a few of those got written in. I'm sure Reid tried to pull a fast one, and reinsert the bans on offshore drilling as well.

Not to mention all those people buying houses, that they couldn't afford, wanting part of the deal to have their loans paid for. Free and clear houses for all of them, while we tax payers still have to pay our mortgages, or lose our homes.

The Press is a joke anyway. They're so in the tank for Obama, there is absolutely no hiding it. You want socialism, go have it. This is America though, and by going socialist, you go against the Constitution. So I'd advise you all to find new digs, somewhere else.

Posted by: Jeanie | Sep 29, 2008 3:29:48 PM

THIS mess started with the DEREGULATION ACT in the Carter administration that everyone without income or credit should be allowed to own a home, and then the government run Freddie Mac and Fannie Mae were to insure these lousy loans! The Republicans tried to regulate this crisis in 2005 and the Democrats blocked the bill! Use to be to buy a home you needed three things: ten percent down, a stable work history, and a stable credit history and not spending more of your income than what you bring in! SOMEHOW this changed with this “housing act” and then you had people who could not afford to rent getting into mortgages with ARM’s…..NOW we are to bail out the investors who made these bad loans? AND Pelosi wants it to have all these federal earmarks for MORE unnecessary funding of risky mortgages? SHE is an IDIOT!

Posted by: HP Boston | Sep 29, 2008 3:30:19 PM

Hey Casey-Google John McCain and the Keating Five if you want to talk about scandals.

Posted by: howaboutcharacter | Sep 29, 2008 3:31:24 PM

Fran: "The democrats had enough votes as they have a majority and if all the democrats would have supported it, it would have passed. "

So you're arguing the Democrats should have just shoved this down the throats of over 40% of the American people just because they could? Are you honestly saying it is a bad thing that on a matter of this magnitude they feel they need more than a bare majority to commit us to this?

Shameful. Republicans are a party of such short sighted game players only interested in winning a point and staying in power that they assume everyone is just as bad. I support the Dems being willing to forgo scoring a point in the interest of trying to bring the country together on at least this one, ugly mess.

Posted by: jhw539 | Sep 29, 2008 3:31:28 PM

Casey:

A few conservative web sites and blogs do not make facts. Most of this ACORN talk is just talk by a few individuals who want to get popular. There is a reason why legitimate news do not want to touch this.

Go do something useful...

Posted by: The Unshrub | Sep 29, 2008 3:33:17 PM

David: "She could not even get her own party to pass the bailout bill. "

...the bailout bill that was demanded by the Republican administration to clean up the mess caused by their lack of Executive Branch oversight. At least this is an honest result of Republican ideological failure - the great deregulators, letting the free market reign - as opposed to naked incompetence like Katrina and heck-uv-a-job Brownie.

Posted by: jhw539 | Sep 29, 2008 3:35:13 PM

I believe you are right Fran, was that not part of the election issue 2 years ago that the democrats won back the majority?

I thought the majority vote wins. If the dems have been controling the House for two years why are they continuing to blame the GOP for their unforseen mistakes when they have been the ones in control?

Posted by: Angie | Sep 29, 2008 3:36:26 PM

In Colorado, ACORN registered some individuals 40 separate times. The ACORN director in Ohio played this down, saying in effect just because you register somebody 35 times doesn’t mean that they get to vote 35 times. A fairly cavalier attitude.

In Washington state, felony charges were brought against ACORN workers and some went to jail.

In Michigan, ACORN enrolled 200,000 voters and a spokesman for the secretary of state of Michigan has said that there appears to be a sizable number of duplicate and fraudulent applications.

The Clark County, Nev., registrar claims that there has been rampant fraud, and counts roughly 40 percent of registration applications submitted by ACORN from January through July had been rejected or questioned.

In Pennsylvania, official are investigating ACORN for filing fraudulent voter registrations. One ACORN worker is facing 19 counts of perjury for making false statements.

In Wisconsin, more allegations of fraud. Milwaukee election officials recently turned in 32 more ACORN voter registration workers to the district attorney’s office for possible prosecution, bringing the total to 39.

Posted by: ACORN Voter Fraud | Sep 29, 2008 3:37:56 PM

UsedtolikeMcCain said: ACORN is a non-profit, non-partisan social justice organization with national headquarters in New York, New Orleans and Washington, D.C. To maintain independence, ACORN does not accept government funding and is not tax exempt.

Are you freakin kidding me??? Google hon. Google!!!

Here's a start for you.......

ACORN's history makes for pretty interesting reading. The Clinton Administration found that ACORN was misspending government grants designed to help counsel the poor. Although it seeks minimum wage increases in cities and states across the country -- ACORN sued the state of California to get out of paying its own employees the state minimum wage.

and...

Just last year, in an effort to put a wage initiative on the ballot in Albuquerque, New Mexico, ACORN employee's forged thousands of fraudulent signatures. The group is involved in initiative efforts in a half-dozen states this year. How many thousands of signatures will they forge to forward their agenda?

Source: http://www.rottenacorn.com/


Like hell they're not partisan. They work mostly to garner votes for the Democratic party. Even if they have to make up, steal SS numbers and names, or rob headstones in a grave yard to do it.

Barack Obama was instrumental in training many of their "community organizers. ACORN is a huge partner with Fannie Mae, and Freddie Mac. All social programs, all started by Democrats.

Posted by: Jeanie | Sep 29, 2008 3:39:39 PM

the middle class has spoken. congrats congress on killing the wall street bailout. a dem in louisiana

Posted by: ron | Sep 29, 2008 3:40:20 PM

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