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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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Palin...go home to your own country.
Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:49:05 PM
Does this mean Congress should go ahead and plan for their vacations? McCain is a hypocrite. He can't vote for deregulation and be against this. Deregulation inevitably ends in this. That had to have been in McCain's mind all this time. Has he bought/sold any stock lately? My point is simply for us to follow the money. Works every time.
Posted by: Curly | Sep 23, 2008 3:49:36 PM
Tod Palin is not a patriot.
Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:49:43 PM
So now the government controls much of our financial sector. Eerily close to socialism, dontcha think?
Posted by: Doug | Sep 23, 2008 3:50:24 PM
No bailout... soup lines are the new dinner date.
Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:51:04 PM
The bailout is bailing out the rich! Go McCain! Do NOT let this happen!!! I will personally campaign against ANY and EVERY politician that supports this bailout.
It will not be enough. It will fail. And we will be paying for it for years and years to come.
Yes, no bailout means some rough times. But the learning will be much greater for those who got us into this mess if we let them pay for their own mistakes.
Posted by: Michelle | Sep 23, 2008 3:51:43 PM
Oh, and another thing, why should he vote for this? He doesn't care about YOU unless you make over $5 million. Just a thought.
Posted by: Curly | Sep 23, 2008 3:52:02 PM
How come the Democrats are not waiting to see what Obama does before deciding what to do? I guess they have more confidence in McCain then Obama on the tough decisions. What does that tell you???
Posted by: billy bob | Sep 23, 2008 3:52:14 PM
Meanwhile, Obama fiddles as Rome burns!
Posted by: dl | Sep 23, 2008 3:52:21 PM
This shows what a snake McCain is. McCain you're either for this or against this. You've been saying you're a decision maker, make a decision! This is Bush and his secretary's deal, not the democrats. If you lead them holding the bag in partisan politcs then you truly are a snake and I wont vote for you. Last thing we need, a snake for president.
Posted by: McCain is an idiot | Sep 23, 2008 3:52:49 PM
billy bob? huh? u hungry?
Posted by: AllergicToSpinAndLies | Sep 23, 2008 3:53:03 PM
I smell a rat, If McCain does not support the Bush plan?
This is a ploy to show that McCain is not 4 more years of Bush.
Posted by: SirMikeB | Sep 23, 2008 3:53:23 PM
Yes, blame the Democrats,... or rather one demoncrat,... Slick Willy,... he's the one that pressured the banks to expand their home loans to include low income family's that didn't qualify under sane mortgage lending rules,... he's the reason they opened up to 40x and higher risk ratios,... that happened back in 1999,... not under Bush. Get a clue. The only politics that were even remotely involved in this matter until the recent "crisis" were the politics of greed on Wall Street and in corporate board rooms aorund the country. You want somebody to blame, look up the hill to the rich banker's manicured lawn. Look at the people who stand to loose their homes,... who shouldn't have been given a loan in the first place, but greedily signed on paperwork they couldn't possibly have understood, heedless of any possible consequences. The blame need go no further than that.
Posted by: Capt D | Sep 23, 2008 3:53:39 PM
Finally, some thought being exposed. The vote should be NO. Let the chips fall where they may. This will be painful, but it is needed to get this country back on track. To many fat cats getting fatter, let them bleed for once
Posted by: VOTE NO | Sep 23, 2008 3:53:46 PM
Just think soon all you cry babies will have more to cry about. When John McCain is voted president you guys can go crazy with your blogs. I feel sorry for Obama that he has been misled to believe that he even has a chance come November.
Posted by: William Clinton | Sep 23, 2008 3:54:00 PM
See McCain is a true maverick
Posted by: Jane | Sep 23, 2008 3:35:08 PM
_________________
He's a true maverick alright; he only voted with Bush 91% of the time. Shows he's truly independent. (NOT)
Posted by: rhbate | Sep 23, 2008 3:54:47 PM
Let the deadwood die....
that "deadwood" is the lifesavings of hardworking Seniors who lived throgh decades of financial disasters only to face this one with no help, no hope, and no accountability from your free-market golden parachute jumping buds.
the "deadwood" is single moms trying to take a bit of the tax refund money they may not have to spend to catch up on their bills, and they tried to invest it and maybe, jsut maybe save enough to put the kids in college.
the "deadwood" is EVERY SINGLE MAN WOMAN AND CHILD WHO HAS INSURANCE IN JUST ABOUT EVERY MAJOR COMPANY IN AMERICA AND EVERY RETIREE OR SOON TO BE RETIREE WHO TRIED TO INVEST .
GO PUT SOME LIPSTICK ON THAT PIG.
Posted by: pamela | Sep 23, 2008 3:54:54 PM
This is a true testament to the arrogance, lack of concern for Americans and disregard that McCain has for the welfare of the US. I am a lifelong Democrat who will strive to keep a man as unprincipled as John McCain from the White House. In these perilous times at home and abroad, we simply cannot afford such an ignorant old neo-con as our President.
Posted by: JR | Sep 23, 2008 3:55:01 PM
How typically Republican!! Make a mess, blame it on Democrats, and then dump it on American citizens to fix it.
And there you have it -- Bush's gift to McCain.
Posted by: hang | Sep 23, 2008 3:55:14 PM
What a trap Democrats are setting to McCain!!!!
Incredible.
If McCain says "no", then it will be up to Democrats to decide???
Well, then Sir please say "no". Let them burn themselves in their own trap.
McCain/Palin 2008
Posted by: Monica | Sep 23, 2008 3:55:53 PM
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