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McCain Hails Bailout Bill Passage

By Michael Abramowitz
FLAGSTAFF, Ariz. -- John McCain this afternoon hailed the House passage of the $700 billion economic rescue plan but described the bill approved by Congress as a "tourniquet, not a permanent solution" to the problems facing the U.S. economy.

"This rescue bill is not perfect, and it is an outrage that it's even necessary," McCain told reporters upon landing here. "But we must stop the damage to our economy done by corrupt and incompetent practices on Wall Street and in Washington."

McCain said: "Our economy is still hurting and further action is needed, and it should not take a crisis to get this Congress to act." Once again he said Washington is on the "wrong track" and spoke of the "stark choice" in the election.

"We can go backwards with job-killing tax hikes, the same old broken partisanship, and out of control spending as Senator Obama would have us do or we can bring real reform to Washington," McCain told reporters before heading to his compound near Sedona, Ariz., for a weekend of debate prep.

By Web Politics Editor  |  October 3, 2008; 5:25 PM ET
Categories:  Economy , John McCain  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: McCain Celebrates Sarah and Slams Obama in Colo.
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Now that we’ve committed $750 Billion to the Bailout, Obama’s Health Plan proposal for insuring 47 Million Americans with public funding is as obsolete as a recipe for Roast Dodo and as meaningful as an Edict from the Commisioner of the More Taste League.

Posted by: thecannula | October 5, 2008 12:21 PM | Report abuse

Now that we've committed $750 million to the Bailout, Obama's Health Plan proposal for insuring 47 Million Americans with public funding is as obsolete as a recipe for Roast Dodo and as meaningful as an Edict from the Commisioner of the More Taste League.

Posted by: thecannula | October 5, 2008 12:01 PM | Report abuse

The idea that a pure, unregulated, free market will automatically lead us into a Promised Land flowing with milk, honey, and just rewards for hard working Americans, requires an unquestioning faith that should be reserved for nothing, or no one, but God alone. It also requires one to ignore much of history.

Our gorvernment, by the people, represents the will Americans to judge wisely, and to protect the wealth we produce from being used against our best interests by those who've been fortunate enough to prosper from our real and tangible labor. By real and tangible labor, I make a contrast to the wealth garnished through our overly-abundant finacial institutions, which take much, and produce little or nothing of substance If we all engaged in nothing but real, productive work, we could live better from less than half as much time and effort as we sacrifice now.
Unchecked excess will continue to suck capitol from the base, and amass it, like gravity, to the place where too much wealth has already migrated.

Please join me in standing up for those who work the hardest, and have benefitted the least.

Reject the carny tactics of the republican illusionists! Vote Democratic.

Posted by: rooster54 | October 4, 2008 2:40 PM | Report abuse

Mccain has always supported deregualarization and Mccain is responsibly for the crisis on Wall St. Mccain also has a history of fighting for the rich and pressing regulators for the savings and loans of his close friend Charles Keaten. Watch for yourselves and see how Mccain is responsible for supporting the rich and the lack of regulation on Wall St. which lead to the biggest federal bailout in history. Mccain/Palin are not ready ot lead.

Posted by: amosdefnails | October 4, 2008 2:35 AM | Report abuse

Allot of the pundits are talking about Mccain becoming very negative this week, even bringing up past associations. This is totally a coward move. All Mccain has to do is get a plan. Why is it so hard for Mccain to get a plan for working class Americans? Instead Mccain would rather change the subject and bring up past associations? Rev. Wright, What does Rev. Wright has to do with the biggest federal bailout in history? I tell you who does have something to do with the biggest bailout in history, Mccain. Remember the keaten 5 scandal. We'll Mccain and Mr. Keaten were very good friends they and their families went on numerous vacations together and Cindy Mccain had allot of investments tied up with the Mr. Keaten business. Why was Mccain in such hot water with Mr. Keaten which is better known as the Keaten 5, because Mccain was one of the senators accused of pressing regulators not to go after a savings and loans with Charles Keaten. Mccain has a history with deregulation and the Keaten 5 scandal was about deregulation for Mr. Charles Keaten which relates to our economic crisis of a lack of regulation on Wall St. So if Mccain want to really change the subject bring up past associations in Mccain's case relates directly to our current situation and is soley the main concern on Americans minds. If Mccain think Rev. Wright or Tony Rezco will defeat his Keaten 5 scandal and the charges of deregulation which has helped lead to the bigges federal bailout in history is a big mistake. A huge mistake. If Mccain is looking for a game changer past associations is not it for Mccain because his past associations and what it involved leads up to our curren crisis and Mccain should be greatful Obama and his surrogates didn't make the charge but they will if Mccain brings up past associations. Besides, it will bring up the Witch hunter pastor of Gov. Palin inwhich prayed witch like sermons while praying over her. Theres footage of this witch hunter pastor and Palin who deemed a local woman in his native land a witch. Also, it would bring up Pastor Hagar and others. it would be so much easier if Mccain had an economic plan because I don't think Americans are interested in this when 750,000 people have lost their jobs and seen their pensions and 401k decreased but if Mccain is willing to say and do what ever it takes to win an election, he is gauranteed to lose so maybe he should stoop to the lowest levels of his campaign and honor. KEEP MCCAIN/PALIN OUT OF THE WHITE HOUSE. WE NEED SOLUTIONS NOT DISTRACTIONS.

Posted by: amosdefnails | October 4, 2008 2:20 AM | Report abuse

We should be afraid of this man's lack of understanding when it comes to the economic conditions in this country.

Posted by: sobugged | October 4, 2008 1:20 AM | Report abuse

so let me get this straight. it's an outrage, but he votes for it. if he were president, he would veto it, because it contains earmarks. mccain is just layer upon layer of contradiction. this "new" bill put the taxpayers potentially on the hook to even a greater extent than the previous bill. we have open ended obligations to fannie and freddie, limited obligations with aig and now baks better hold up because the insurance is $250k. the gummint better get serious, doggone it, about the bank failures and foreclosures, because the pieces are in place for this country to be flat broke if things continue to slide.

Posted by: phosgene | October 3, 2008 7:28 PM | Report abuse

I have a great dog.
She loves everybody.

We joke that if a burglar got in the house she'd lick their hand and take them to the silver.

Just like Congress.

Posted by: JohnQuimby | October 3, 2008 6:51 PM | Report abuse

His "compound", Michael? Oh no, you di-int!

Posted by: zukermand | October 3, 2008 6:24 PM | Report abuse

His "compound", Michael? Oh no, you di-int!

Posted by: zukermand | October 3, 2008 6:24 PM | Report abuse

McCain supported the banks at the expense of Joe Six Pack, now he wants Joe Six Pack's vote - Joe gets no respect. ............

Posted by: glclark4750 | October 3, 2008 6:14 PM | Report abuse

read about the real McCain

Posted by: parsonsscott | October 3, 2008 5:57 PM | Report abuse


The original bill Congress disapproved contained three pages. The one passed today was 450 pages. The pork includes bribery has a section for "Energy Efficient Appliance Credit for dishwashers, washers, clothes washers, and refrigerators.The bill says manufacturers of energy-efficient appliances will qualify for up to $250 in federal tax credits for each machine they produce over the next three years. Total cost to taxpayers: $322 million over 10 years.
It says nothing about passing any savings on to the consumer.

Other goodies:
Two separate tax breaks for film companies that produce movies in the U.S.: The cost, almost $500 million.

An extension of tax rebates to Puerto Rico and the Virgin Islands on rum duties:
Another $192 million over 10 years.

Six pages of earmarks to benefit Alaskan fisherman who were victims of the 1989 Exxon Valdez disaster. That break, worth $239 million, is clearly aimed at winning the vote of U.S. Rep. Don Young (R-Alaska), who voted against the bailout package last week.

A $10 million credit to help employers defray the costs of storing the bicycles of their employees who commute to work!

Wooden arrow provisions.

The crooked politicians need to be taken out and have the c**p beat out of them.


Posted by: Billw3 | October 3, 2008 5:56 PM | Report abuse

See Out Takes from Biden and Palin practice Debates, You can also Give FeedBack on how you think Sarah Palin did in the Debate, See what the national poll says about what others think,

Posted by: pastor123 | October 3, 2008 5:56 PM | Report abuse

How in the world do you go around the country talking about:

"I have fought the big spenders in both parties who waste your money on both things you may not need or want. And the first big spending, pork barrel earmarked bill that comes across my desk I will (vote) veto it -I will make them famous, and you will know their names! You will know their names!"....HIS NAME IS............ JOHN McCAIN

HOW MUCH PORK IS IN THE 700 BILLION DOLLARS? They are still figuring it out. If you mean what you say. Say what you mean. Reformer, I don't think so. His first chance, his first big bill that comes across his desk, his first big principle vote since he began his campaign in how long and he votes "PORK FOR EVERYBODY"

Posted by: MILLER123 | October 3, 2008 5:55 PM | Report abuse


Just Great. Maybe the greedy millionaire banker's and Joe Six-pack with his unaffordable home can maintain their status quo. Now if China just keeps buying our bonds and the printing presses don't break down...


Posted by: Billw3 | October 3, 2008 5:48 PM | Report abuse

It's an outrage that the final bill will probably include earmarks too. The economy was too important to risk. President McCain will make sure it never gets this bad again.

Posted by: JakeD | October 3, 2008 5:34 PM | Report abuse

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