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Obama: 'Stay Calm' on Bailout Failure; McCain Camp Blames Obama
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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usedtolikemcCain: ACORN receives approximately 40% of its monies from taxpayers. It is supposed to be bipartisan, but is NOT. And, it is riddled with fraud.
From NeverLikedObama.
Posted by: Jaycee | Sep 29, 2008 3:40:28 PM
Pity!! After John McCain tried a trick to quit debate and make show in washington his own Republicans did not listen to him!! They voted neh than they voted yeah! A shame for McCain, his trick did not work!! If the majority of republicans won´t listen to him even after that so-called intervension how can he lead effectively?? The majority of Dems voted! Shame to McCain!
Posted by: Junior | Sep 29, 2008 3:40:30 PM
ACORN is an organization wholly dedicated to voter fraud.
Indict them all.
If any person even thinks about asking you, the taxpayer, to "bail out" crooks, greedy, swinish bank fatcats or those equally fat, stupid, SUV driving, over-extended, gluttonous Americans, spit in their faces. It is an obscene affront that Dems and Bush would even ask for something so ridiculous and futile. If either Obama or McCain had said "screw you" to Wall ST. they would have my vote and also would have guaranteed their election. Neither Senator had the guts, wisdom or decency to say NO to swine. So much for "vision" and change. So much for mavericks. I'm voting for Ralph Nader!
Posted by: daren hyde | Sep 29, 2008 3:41:10 PM
What I am having a tough time grasping are the GOP elected officials who voted down the bill because Pelosi called the Bush administration on the carpet. My friends are barely hanging on to their small businesses as credit lines that were there before dry up and many House Republicans voted "nay" because their feelings were hurt? What is even more disheartening is they had the gall to admit to the public such childish behavior.
Posted by: Paige | Sep 29, 2008 3:41:41 PM
After bragging today about his role in shaping the economic bailout package, Sen. John McCain has made no statement to the press since the defeat of the bill, in part at the hands of House Republicans.
McCain boarded his Straight Talk Air charter plane a few minutes ago, but the plane has not taken off yet. McCain is in the front of the plane, separated from reporters by a brown curtain
Aides to McCain have not characterized his reaction to the bills defeat. On Sunday, he said he would "swallow hard" but vote for the plan, which he said was better than originally proposed.
Posted by: Bhrandon | Sep 29, 2008 3:42:14 PM
By the way - as we watch the market tumble thanks to those of you who complained about the bailout - we are losing much more than 700 billion in our collective net worth. Most of you who were doing the complaining would not have had to pay the extra tax that would have paid for the bailout in the first place.
No more Republicans!!!!!!!!!
Posted by: Usedtolikemccain | Sep 29, 2008 3:44:20 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
*****************************************
Correction ACORN recieves over 40% funding from govt sources, mostly govt grants. However, they are being investigated because they are taking this money under the guise of "consumer advocacy" to line their own pockets. Typical, since Obama was part of this organization. Everything he touches turns to rust.
Posted by: Sean A | Sep 29, 2008 3:44:31 PM
Howaboutcharacter said : Hey Casey-Google John McCain and the Keating Five if you want to talk about scandals.
Now go for the truth. McCain was exonerated as having done nothing wrong, and the lawyer that was prosecuting this, said of all that were brought forth in this, John McCain was the one he believed most...and this prosecutor is a Democrat!!!
Posted by: Jeanie | Sep 29, 2008 3:44:44 PM
usedtolikemcCain:
ACORN and its fraudulent voter registration activities are being investigated in several counties in Ohio and throughout the US. They are a terrible organization. Truly vile.
Posted by: beebop | Sep 29, 2008 3:44:59 PM
James Terry, Chief Public Advocate for the Consumers Rights League, today testified at a joint House Administration and House Judiciary Committee oversight hearing on "Federal, State and Local Efforts to Prepare for the General 2008 Election," where he highlighted "corruption at every level of ACORN including embezzlement, cover-ups, misuse of taxpayer funds and voter fraud." An excerpt of his testimony follows:
The Consumers Rights League is a non-profit, non-partisan educational organization dedicated to protecting consumer choice and access to the marketplace.
James Terry, Chief Public Advocate, Consumers Rights League:
"ACORN routinely says it will clean up its act. Yet, given its decade-long history of voter fraud, embezzlement, and misuses of taxpayer funds, ACORN's pattern of fraud can no longer be dismissed as a series of 'unfortunate events.' Furthermore, as this mega organization with a decades long history of violating the law is turned to get out the vote efforts, we believe it is fair to question how many fraudulent registrations may lead to fraudulent votes or what other activities they are willing to undertake to influence the election.
Sound like a conservative news site to you, Unshrub?
Posted by: Jaycee | Sep 29, 2008 3:45:21 PM
Haha, I remember Obama said 'McCain deserves zero credit for the bailout.'
He thought the plan would pass.
In McCain interview on Sunday, McCain didn't claim credit at all, he said he will let history judge it.
Obama gamble lost!
Posted by: golfgirlusa | Sep 29, 2008 3:45:33 PM
This is proof that the Media is in the tank for Obama. McCain never took credit. But, Obama sure did yesterday! He said that McCain should get no credit for Bailout!
Posted by: ABC in the tank | Sep 29, 2008 3:45:35 PM
John McCain CAN take credit for the House vote being as close as it was.
Initially, only a handful of House Republicans were in favor of the bill.
Apparently McCain was able to bring some 60+ additional House members on board for the proposal.
Why weren't the Dems able to bring their straying 40% on board?
Posted by: SandyB | Sep 29, 2008 3:45:49 PM
Classic Pelosi, She couldn't get her party to vote for the bailout so she blames the Republicans.
Posted by: Sean A | Sep 29, 2008 3:47:16 PM
Well can somebody please tell me why there were a lot of Dems who did not vote for this bill? They hold the majority, so if they thought it was the best thing for us why did the Dems not vote for it? Oh that is right they needed the republicans to support it because if it failed they would not be holding the bag and than they had somebody to blame for this! Obama and the Dems all the same, look for somebody to blame and not take ownership of anything unless it will be in their benefit! Go figure! Way to go our Republican Reps, dont let the lefties put this country under anymore than they already have!
Posted by: chuck | Sep 29, 2008 3:47:47 PM
McCain didn't send out emails. First article this morning and noticed that ABC News "All About Clinton" has taken down the article were Obama claims credit for bail out bill and McCain should get none. Nice job Obama an Pelosia.
Posted by: Adam | Sep 29, 2008 3:47:47 PM
Why is it the Republicans' fault the market is falling?
If the 40% of Dems who voted against it had come on board behind their "LEADERS" it would have been a shoo-in.
Posted by: SandyB | Sep 29, 2008 3:48:00 PM
McCain FAILED to get enough votes on the House GOP side to get this bill passed.
2/3 of Dems voted for this but 2/3 of GOP voted against this.
Posted by: Sandra | Sep 29, 2008 3:49:15 PM
A majority of the House Dems voted for the bill. A majority of the House GOP voted against the bill. Well, Senator McCain, it's time for you to tell your fellow Republicans to put country first.
Posted by: chris | Sep 29, 2008 3:49:46 PM
It is NOT just the house Republicans who are against this. Read the polls. The common man and woman on main street is against this bailout overwhelmingly.
The house Republicans are doing what they are supposed to be doing, expressing the will of the people who put them in office. On the other hand, the Democrats and Obama are doing exactly the opposite. House Democrats are ignoring those who elected them to office, giving them a pat on the head and saying like the true elitests they are, trust me. HA!
The Democrats have had control of congress long enough to see this coming (Pelosi has stated they did) and put the controls back into place they say were missing. But no! They were perfectly happy to let things go and then when things collapse, put the blame elsewhere.
Sorry, Democrats were in control. If they say there was a problem, and they claim there was, as the majority party in control, they should have done something about it.
Posted by: humbug | Sep 29, 2008 3:49:48 PM
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