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Obama to Support $700B Bailout If ...
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ShareSeptember 23, 2008 5:00 PM
ABC News' Sunlen Miller reports: Shortly after landing in the Sunshine State to prepare for Friday’s first presidential debate –- Sen. Barack Obama held a news conference to discuss the emergency economic package that’s being debated in Congress, and outlined his proposals for what he would like to be included in the plan.
"The President’s stubborn inflexibility is both unacceptable and disturbingly familiar," Obama said in Clearwater Florida about the Bush administration's call today for Congress to act quickly to pass a "clean" bailout plan.
"This is not the time for my-way-or-the-highway intransigence from anyone involved," Obama said.
Obama argued the bailout plan should include protections to ensure that taxpayer dollars are not used to further reward the bad behavior of irresponsible CEOs on Wall Street.
The Democratic presidential candidate also wants an independent board of economic wise men and women chosen by Democrats and Republicans to provide oversight and accountability to the plan. Obama argued Treasury Secretary Henry Paulson cannot act alone on this.
Obama also called for a return on any profits made by the government from the plan to taxpayers and argued the plan should provide assistance to help to families who are struggling to stay in their homes.
Obama called for additional legislation -- not part of the administration's $700 billion Wall Street bailout package–- to pass his proposed tax cut for working families.
"The American people need to know that we feel as great a sense of urgency about the emergency on Main Street as we do about the problems on Wall Street," Obama concluded.
Obama did not say decisively if he will support the current proposal in Congress if it doesn't include the provisions he has laid out.
"The principles I outlined are principles I believe any package needs to contain for me to support it. And there are a number of ways of accomplishing it," he said, arguing that if the plan does not include his principals then he will recommend Paulson to go back to the rework another proposal.
The McCain campaign was quick to respond to Obama’s proposal, “Whether calling for a bipartisan oversight board or prohibitions on golden parachutes, Barack Obama is simply following in John McCain’s footsteps while trying to respond to this financial crisis,” McCain spokesman Tucker Bounds said in a statement.
Obama –- who is huddling with his advisors in Tampa for three days of debate preparation -- said that he will only come back to Washington to vote for the bill if it’s a close vote.
"Well look, if we get a consensus and everybody is popping champagne –- then I will probably be going back to campaign with folks who are having a tough time in places like Ohio, and Michigan and Pennsylvania. If this ends up being a close vote or a vote where the outcome is an open question then obviously this is a top priority,” he said.
September 23, 2008 in Obama, Barack, Vote 2008: Democrats | Permalink | User Comments (99)
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Popping champagne???? OMG - this man drives me nuts.
Posted by: Kris | Sep 23, 2008 5:02:57 PM
I'm not sure we can handle a thinking man who is capable of really analyzing a situation and coming out with some common sense solutions. We sure aren't accustomed to it.
Posted by: Truth Matters | Sep 23, 2008 5:07:37 PM
idiot
Posted by: natale from mass. | Sep 23, 2008 5:10:45 PM
"Obama –- who is huddling with his advisors in Tampa for three days of debate preparation -- said that he will only come back to Washington to vote for the bill if it’s a close vote."
Will Obma vote "PRESENT" (even though it is not allowed) this time?
Posted by: ablanche08 | Sep 23, 2008 5:12:21 PM
Didn't McCain already call for most of this? Where has Obama been! Also, isn't his statement that he will only return to vote on the matter if its a close vote kind of like voting "present" in the Illinois state legislature? He can take credit or avoid blame either way. Unbelievable!!
Posted by: bkm | Sep 23, 2008 5:15:23 PM
NO-NO-NO!!! This proves Obama is a fake! Bankrupting our country to bailout billionaires while we get deniied benefits from our own Democrat congress!!! Forget it! This PROVES Obama is a tool, and McCain is a FOOL!!! You will NOT have my vote if you make ME pay for this Barack!!!
Posted by: hmn | Sep 23, 2008 5:18:13 PM
Damn that Obama. Timed his announcement when Rush was off the air so McCain couldn't have Palin announce his position first.
Posted by: ricky | Sep 23, 2008 5:18:19 PM
That's how Obama voted "Present".
The theme has not changed: I will not make any decision Not now Not anytime.
Posted by: Tim | Sep 23, 2008 5:20:04 PM
Lol. He's not even going to be there to vote "present". I do love that he adopted major parts of McCain's plan which he made fun of on the stump, though.
Posted by: wmp74 | Sep 23, 2008 5:24:59 PM
He's so smart. I wish we had had a smart man like this in office over the last 8 years. We wouldn't have to be worrying about the state of our finances. When I think back on the misery the Republicans have dumped on us over the last 8 years, I could just puke.
Posted by: hang | Sep 23, 2008 5:27:50 PM
how easy you want to forget mccains last week
and i agree its stupid when i see people say, oh my god hes too smart
what?
shouldtn we want intelligent smart people running the country?
obama is not following mccaisn footsteps if anything obama is right on track with his and the democratic ideals
mccain went from a republican agenda, with views of deregulate everything to one where he had to flip his whole philosophy that he has had on the economy for the last... how many years?
i mean, this is just silly
i am so sick of this administration and mccains flip flops on policy and his out and out lies...
he is too old to run this countyr and palin is too scary to be in vp position
oh and ps when you usually succeed at something, popping champagne is for celebration
not understanding that is like not understanding how to count to 3
but somehow you want to say oh obama hes an elitist... he likes... champagne, why couldnt they be popping pabsts
i really really really hate you people who have no minds or compassion just talking points filled with BS that your party manipulates you into saying and doing
mccain should be out of this race after how he handled last week, he was anything but a leader... he showed his true ineptitude
obama was calm clear and collected the whole week and looked and acted very presidential
mccain meanwhile was like... ill run attack ads!
Posted by: Bhrandon | Sep 23, 2008 5:28:00 PM
Obama: Great leadership and responsible behaviour. McCain has not answered yet to the congress which is waiting for his vote since yesterday, it has to come and American people are waiting for it. Now is not the time to hide behind Palin's lipstick but to decide. May God bless America and May God bless Obama. OBAMA/BIDEN08.
Posted by: BKMC | Sep 23, 2008 5:28:15 PM
The "present" vote in Illinois is sometimes cast by state lawmakers with a conflict of interest who would rather not weigh in on an issue. Other times, members use the option to object to certain parts of a bill, even though they may agree with its overall purpose.
"The 'present' vote is used, especially by more thoughtful legislators, not as a means of avoiding taking a position on an issue, but as a means of signaling concerns about an issue," said state Rep. John Fritchey.
Obama sponsored 820 bills in the Illinois State legislature. So much so that the Illinois Times featured him in a cover story naming him HEAD OF THE CLASS for his legislative abundance.
Posted by: Paige | Sep 23, 2008 5:28:25 PM
adopted mccains plan?
i like how mccain went from a deregulator to a populist democrat over night
he went from teh economy is strong to this is the worst crisis since the last crisis i was involved in
cmon you people are just being silly, mccains plan is just a bunch of bs that he is having ot say so he can make it through this week... he doesnt believe it anymore then i believe that mccain should be president
Posted by: Bhrandon | Sep 23, 2008 5:30:28 PM
Obama has been saying this stuff for 3 days now. I do not know where you guys have been. Run with it if you wish, but if you watch the cable news you have already heard this from him. I have to agree, however, that I feel he should be in Washington to vote on it regardless of how close it is.
regardless of any vote we are screwed!
Posted by: beck | Sep 23, 2008 5:30:48 PM
ALL I KNOW IS OBAMA IS A FAKE AND PEOPLE WHO VOTE FOR HIM ARE SUCKERS!!! THEY HAVE NO MORALS OR SENSE WHATSOEVER!!! THAT IS THE TRUTH AND IF YOU THINK YOUR GOD OBAMA WILL SAVE THE WORLD THINK AGAIN!!! I HOPE RACE DOES OBAMA IN ANYTHING FOR HIM TO LOSE.
Posted by: AIMEE | Sep 23, 2008 5:30:55 PM
McCain's plan? McCain didn't have a plan. He spewed one position one day, and another the next, and then back to the other, then lied through his teeth, then scowled at reporters, and finally hid behind Palin's skirt (or in it; I still don't get that ridiculous pairing). Anyway, McCain's plan? LOL
Posted by: hang | Sep 23, 2008 5:30:56 PM
LOL....obama is "huddling" to prepare for the debate...ie, cramming for the big exam, but poor poor Obama will be in for a surprise when he finds that the Presidency doesn't come in Cliff notes.
Meanwhile, Lawmakers are waiting for McCain to stand by or against this bill. Isn't it interesting that they care what mcCain thinks, but could care less what Obama thinks?
And now Obama says that he would rather spend time with the people having a "tough" time, like he has any sympathy for them! Yep, these are the people he called "bitter", in private, while sipping champagne with rich elite folks in san Fran on Nob Hill.
Obama....BAD for America
Posted by: liberati | Sep 23, 2008 5:32:59 PM
Wait....so it's ok for Obama to weasel out of voting and taking a position on this but the Democrats won't pass it unless McCain supports it? What the heck is going on there in Washington.
Posted by: Shannon Covel | Sep 23, 2008 5:33:39 PM
the fundamentals of our economy are strong!
we need a commission like the 911 commission to help us figure out whats wrong
(a commission??? lol in the time of crisis this guy wants a study group to figure out the crisis WTF)
no we shouldnt bail out aig
oh yes we should bail out aig
i support the 700 billion
i dont support the 700 billion
i might support the 700 billion
i am a deregulator
phil gramm may or may not be my treasure secretary
i was involved completely in the market deregulation during the keating five scandal which was the last massive financial termoil and here i am again
i was saying we shoudl have more deregulation
but my adivsors tell me i shouldnt say that until you morons vote for me
Posted by: Bhrandon | Sep 23, 2008 5:34:20 PM
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