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Stephanopoulos: On Track for Deal and Debate
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ShareSeptember 25, 2008 8:11 AM
ABC News' George Stephanopoulos reports: Congress is heading towards a deal today on the Bush administration's proposed $700 billion bailout of Wall Street, congressional and administration sources tell ABC News.
Republican and Democratic leaders in the House this morning are saying they believe that the framework can be put together today and then ratified this afternoon at an unprecedented White House meeting scheduled for 4:00 p.m. ET between President Bush, both presidential candidates Republican John McCain and Democrat Barack Obama, and top negotiators.
But lawmakers still have some work to do. Top congressional negotiators meet this morning to hammer out the last additions to the bailout bill.
Lawmakers have agreed to add to the plan a provision that would limit executive compensation, or so-called "golden parachutes" for Wall Street executives who mismanage their companies.
They have also agreed to legislate an oversight board that would oversee how the banks and investment firms are spending this taxpayer money.
However, there are two big remaining sticking points right now.
Lawmakers are wrestling with trying to find a way to provide some relief to homeowners facing foreclosure, that is at the heart of the economic crisis. They are also considering finding a way to parcel out the $700 billion in pieces over time, to make sure the plan is working.
McCain has suspended his campaign in order to return to Washington to help with the bailout bill, and has asked debate organizers to push the first presidential debate scheduled for Friday at the University of Mississippi to Oct. 2.
It's a politically risky move designed to try to convince voters that he is best able to deal with the economic crisis.
McCain's political gamble runs the risk of falling flat or winning him some much needed political points. McCain is trailing Obama by nine percentage points in the latest ABC News/Washington Post poll.
Democrats say it's just a desperate ploy that is not going to help the process at all and that it could politicize it.
"It's the longest Hail Mary pass in the history of either football or Marys," chief Democratic negotiator Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, told reporters last night.
Republicans are saying the opposite, signaling McCain may be able to shore up GOP support in Congress for the President's unpopular bailout plan.
Obama initially resisted changing his campaign plans, but has agreed to come to Washington for today's White House meeting. However, the Obama campaign refuses to reschedule the debate, arguing it's an important event for voters at a critical time.
"Presidents are going to have to deal with more than one thing at one time," Obama said Wednesday.
But the fact that there is a White House meeting today, and the fact that there is now a joint statement which was first proposed by Obama, suggests McCain's gamble may be on track to paying off.
Republican and Democratic leaders have all signed on to the need for a bailout bill, making it very difficult for the process to fall apart, with so many of the major players now bought into the idea that they have to come up with a solution.
The bottom line is we're going to see the framework of the deal put into place today.
If the framework is put into place, then there will be a presidential debate tomorrow; however, a lot could happen politically between now and then.
But the cancellation of the first presidential debate would be the least of the country's problems if the plan falls apart, because we could see a massive drop in the markets.
However, if the bailout bill is passed today, then McCain would have gotten a little bit out of this gambit. If it all falls apart, there could be a big blowback to McCain.
September 25, 2008 in McCain, John, Obama, Barack, Vote 2008: Democrats, Vote 2008: Republicans, Washington, White House | Permalink | User Comments (92)
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Bush tone last night was the same one we heard when Iraq had certain WMD's. 7 years later, Billions of dollars, and 4000+ Americans dead.. he wants us to believe him again???
SAY NO TO THE BAILOUT!!!
VOTE YES OBAMA 08 - THE CLEANUP MAN!
Posted by: Lawrence | Sep 25, 2008 8:30:14 AM
McPalin is a farse
Posted by: jim | Sep 25, 2008 8:38:30 AM
McCain wimps out of the debate because he has no way to answer for the republican disaster of the last eight years, and Sarah Mooseburger won't answer any questions from anyone because she's an idiot. And half the country supports these frauds. They elected Bush twice, why not McBush the third?
Posted by: Bob | Sep 25, 2008 8:40:03 AM
be clear
the years 2000 to 2006
were the years that destroyed our country if we fail
and now that side of the aisle is where there is no progress coming.
Mccain has to deal with the people that picked him
that is why he has to go back.
The rest of the people who have egg on there face are at least saying "we f#$%ed up...and it not time to fight...it's time to get something done...
so now the people who lead our direction for 6 years in the congress (from 2000 to 2006) are trying to scr%w us even further.
Posted by: dl | Sep 25, 2008 8:40:16 AM
People want to hear the viewpoints of the guy who will be handling all this
and they don't want to hear it a week from now...they don't want to hear it in a month...
they want to hear it last week.
and if it couldn't be then
THEY WANT TO HEAR THEM FRIDAY NIGHT!
Posted by: dl | Sep 25, 2008 8:41:18 AM
You would have to explain to me how McCain wins this.
He is acting like a child, who refuses to play until he gets his way. He convinces is buddy Bush to call for a high(?) level meeting, and refuses to debate. He says he doesn't want to politicize the process but says he will suspend his Campaign until the bill is passed.
From my point of view, he hasw been hiding himself and palin from the press and the American people, this is just one more attempt at controlling the weak and ineffective media. You Still haven't a decent interview with a Republican
It seems you have swallowed this stuff "Hook ,Line, and Sinker.
Posted by: Thinking | Sep 25, 2008 8:43:44 AM
On a daily basis we women have to multi task and I expect the same from our president. I agree we have a financial crisis, however, capitol hill should/could handle the problem because either candidate can only vote on the bailout package because they already submit their input. Is McCain trying to cancel the debate with Palin/Biden hence the reason for canceling the debate, I hope not. On a daily basis the community organizer, junior senator is looking more presidential than McCain, if the debate for Friday does not go on McCain will loose my vote.
Posted by: Randy | Sep 25, 2008 8:55:51 AM
Are you kidding me George? If the American people are so stupid that they would fall for this insane farce then the country deserves to go down the toilet.
Posted by: Becky | Sep 25, 2008 8:56:13 AM
Don't forgot the lost money in Miss. if the debate is cancelled/postponed. The hotel rooms are already booked and the university already spent the money setting up.
I agree, as president you need to be able to handle more than one thing at a time, he just procrastinated too long on studying and now wants an extension.
Posted by: make it known | Sep 25, 2008 9:09:06 AM
how can mccain benefit from a proposal that obama presented?
obama proposed a joint statement, and mccain jumps into a news conference as if it's all his idea?!
personally, it shows that he is an opportunist, and has given up all values... willing to lie about anything to get ahead.
just last week, he said we were all ok, tuesday, he claims he didn't even READ the THREE PAGE PROPOSAL!! and now, he's going to save the economy, AFTER BEING A SELF PROCLAIMED DEREGULATOR FOR YEARS??
look at the whole immigration bill a year ago... 11th hour, mccain jumps in for the announcement, and then OPPOSES it later!
COME ON, PEOPLE! SEE THIS FOR WHAT IT IS!! POLITICAL GRANDSTANDING!!
Posted by: foomonkey | Sep 25, 2008 9:10:42 AM
If Obama insists on debating Friday night and there is no deal, Sarah Palin should be send in McCain's stead to debate Obama. It's appropriate for a VP candidate to stand in for the presidential candidate. I think it's the best solution
Posted by: s.b. | Sep 25, 2008 9:12:41 AM
re: Democrat All My LIfe
you are a nut. that site is an absolute sham.
Posted by: foomonkey | Sep 25, 2008 9:14:32 AM
Send Sarah to debate Obama if he insists on talking and tv air time while Rome burns.
Posted by: s.b. | Sep 25, 2008 9:14:57 AM
McChicken
Posted by: PhilBgood | Sep 25, 2008 9:19:46 AM
Excuse me, but if this is such a major issue, why is McCain attending an event in New York City this morning?
McCain can't be given a free pass by the media once again.
If he didn't fly back to Washington DC after announcing the suspension of his campaign, then McCain should be questioned on his priorities!!!!
He either lied or is in this purely for his own glory.
Posted by: Dan | Sep 25, 2008 9:37:09 AM
OMG:McCain is on tv right now presenting what sounds like his energy policy-markt pricing for polution sounds like part of it.
He's not stopping his campaign, he's afraid to debate. He wants forums where people can't question what he says.
What a chicken lying bastard.
Posted by: Mr. Coffee | Sep 25, 2008 9:41:01 AM
Uh George...if the bill is past today, then McCain REALLY didn't have anything to do with it. How does that help make his stunt work?
By the way, if this is soooooo important to McCain, why isn't he at the capitol right now instead of giving speech that was already scheduled? Which is where he is.
This isn't suspending your campaign at all. Its grand standing pure and simple.
Posted by: greg | Sep 25, 2008 9:41:23 AM
McCain is in New York? What a chicken! Where is Palin right now?
Stopping my campaign my butt.
McCain Administration Press Release:
Excuse us Al Qaeda, please don't the US or its allies today as President McCain is busy with important stuff.
Posted by: Mr. Coffee | Sep 25, 2008 9:44:27 AM
Democrat All My LIfe you are a farce
Posted by: climb | Sep 25, 2008 9:48:13 AM
Posted by: goDem | Sep 25, 2008 9:49:34 AM
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