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Stephanopoulos: McCain Holds Key to Administration's Bailout Passage on Capitol Hill
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ShareSeptember 23, 2008 3:21 PM
ABC News' George Stephanopoulos reports: If Republican presidential candidate Sen. John McCain doesn't vote for the Bush administration's $700 billion economic bailout plan, some Republican and Democratic congressional leaders tell ABC News the plan won't pass.
"If McCain doesn't come out for this, it's over," a Top House Republican tells ABC News.
A Democratic leadership source says that White House Chief of Staff Josh Bolten has been told that
Democratic votes will not be there if McCain votes no -- that there is no deal if McCain doesn't go along.
McCain, taking questions from the traveling media today for the first time in 40 days, said he doesn't yet know how he will vote on the bailout.
But when he was asked by ABC News' Ron Claiborne what he would do if the fate of the bill was in his hands, he said Senate Democrats should not use his vote as the determining factor on the success of the bill.
"This issue should be - and their vote should be determined in how we can resolve this crisis and get America going again," McCain said. "This is a huge crisis. We know, in the words of many experts and mine, this is the greatest financial crisis since World War II. So to somehow, for the Democrats to say that their vote is going to be gauged on my vote frankly doesn't do them a great deal of credit.
"Their first and only priority should be making sure this economy recovers and get back on our feet again," McCain said.
McCain has expressed concerns about Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke's plan, which would amount to costing the American taxpayer two Iraq wars.
The Republican presidential candidate has suggested the original proposal lacks sufficient oversight, and he has said whatever plan emerges should protect family savings, homes, and student loans, and should eliminate obscene CEO compensation packages.
McCain said this week that any company that receives government aid should not be compensated more than $400,000 -- the highest-paid government employee.
McCain spokesman Tucker Bounds told ABC News' Jake Tapper that McCain has not made a decision one way or another.
"John McCain has been very clear that he has certain reservations about the details of the agreement that has been released at last notice," Bounds said. "There is no final agreement to review, but when there is John McCain will weigh in responsibly and appropriately."
Administration officials went to Capitol Hill Tuesday to urge Congress to pass the bailout package quickly, arguing the nation's economy is teetering on the brink of a major recession.
Some senior Democrats on Capitol Hill have voiced concern that McCain will continue to oppose the Bush administration's plan as a way to position himself as a critic of Wall Street and the Bush Administration.
If McCain doesn't vote for the legislation, other Republicans might follow suit, leaving the Democratic-led majority to fight in Congress to pass the risky bailout plan.
However a Democratic congressional leadership source tells ABC News' Jake Tapper that Paulson went so far as to assure Democratic leaders that McCain "won't be a problem" -- in other words that McCain will vote for the proposal.
September 23, 2008 in McCain, John, Vote 2008: Democrats, Vote 2008: Republicans, Washington | Permalink | User Comments (752)
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I think Congress needs to stay longer instead of recess and take a good long look at this bill. Better to take a few days or a week longer and get it right.
Posted by: infoseeking | Sep 23, 2008 3:31:28 PM
McPalin is putting politics before the country again.
what a shame
Posted by: watching | Sep 23, 2008 3:31:42 PM
If McCain backs out of this than I there will be no deal.
Thank you Democrats!
Posted by: Sandra | Sep 23, 2008 3:33:51 PM
See McCain is a true maverick
Posted by: Jane | Sep 23, 2008 3:35:08 PM
McCain all for McCain first. this just shows how entrenched in politics and power hungry he is
Posted by: McPalin | Sep 23, 2008 3:36:19 PM
Don't trust the Republicans, Democrats. You've been screwed badly enough. Make sure you hear McCain publicly and unambiguously voice support for the bailout before you all sign on.
Posted by: chris | Sep 23, 2008 3:36:39 PM
Only count Ron Paul's vote!
Posted by: Huh | Sep 23, 2008 3:37:15 PM
jane,
Maverick was a cowboy like Bush.
It Was McCain maverick deregulatiion that caused the whole problem.
after 30 years
This is called election day flip-flop
Posted by: really | Sep 23, 2008 3:39:40 PM
It's funny that the Dems will only follow the Repulican nominee.
Posted by: cardinal | Sep 23, 2008 3:41:10 PM
info...I think you're right. What are we paying these jerks for anyway!!! We are in a BIG problem right now...take their time so they get it right the first time...
Posted by: thetruth | Sep 23, 2008 3:41:31 PM
dont vote yes mccain. its a free mkt. let the deadwood die.
Posted by: ron | Sep 23, 2008 3:42:58 PM
Dear Senator McCain, Please call Ron Paul and ask his opinion.
Posted by: TommyRot | Sep 23, 2008 3:44:07 PM
Sandra...don't blame the Dems it took more than 4 years to make this mess and the Reps had all the power in 2004...now it looks like a Reps is making the choice again...GOD HELP US...he doesn't even know how many cars he owns, let alone how to vote on this...
Posted by: newvoter | Sep 23, 2008 3:44:14 PM
Watch "Comperhensive Annual Financial reports EXPOSED!" You'll learn somethng about this mess.
Posted by: hmn | Sep 23, 2008 3:44:47 PM
What does McCain care about average Americans, he's worth over 100 million dollars. So what if Wall Street and the financial institutions fail, he won't be one of the millions out of work, he's not worried about losing his house (any of the 8), he's not worried about being able to retire (ever), no Ole John cares about himself first, like all REPUBLICANS.
Posted by: JR | Sep 23, 2008 3:44:49 PM
more politics...byte me!
Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:46:34 PM
McCain...byte me.
Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:47:26 PM
John McCain in his deep dark thought---"If I vote no, it could cost me the election. Yet, if I vote yes, it could cost me the election. Man,even standing on both sides of the aisle doesn't leave me room for error. God I wish I had a good VP to back me up on this one. Some one I could put in fornt of a camera,.....on their own"
Posted by: M.Alto | Sep 23, 2008 3:48:00 PM
This is a true testament to the gravitas, earned respect and stature that John McCain has in Congress. I am a lifelong Democrat who will vote for John McCain this fall- my 1st ever vote for a Republican. In these perilous times at home and abroad, we simply cannot afford an arrogant rookie as our President.
Posted by: American Voter | Sep 23, 2008 3:48:00 PM
The old hag looks like a dead man already. Why vote for dead person? Anyway what is Kibosh mean is that English word? The American journalists are so stupid they have no knowledge or intellectual capacity. Looks like all you need is to be dumb patriot. Liberal and Conservatives both suck.
Posted by: Jimma | Sep 23, 2008 3:48:14 PM
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