Bailout Hinges On McCain

Odd, Congress is looking to John McCain to determine what to do about the bailout. They are not looking to Obama. This is Democrats and Republicans working together for a common good hopefully.

What it really shows is that there is no faith in Obama’s economic abilities, but there is faith in McCains. It shows who is ready to lead our country. This is what makes a president.

Now Congress lets put in safeguards and oversights and get this thing rolling before it is too late. I am not suggesting rushing in, but put some expediency into play and work things out.

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 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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: