Senate Leaders Promise Deal

Senate leaders from both parties vowed to press ahead on a new bill, with the goal of a re-vote in the House and final Senate action by the end of this week.

"We know what we need to do, and that we need to do it quickly," Senate Minority Leader Mitch McConnell (R-Ky.) said on the Senate floor this afternoon. "And we know that time is not the ally of the millions of Americans facing a serious threat to their way of life."

Lawmakers said Monday's market slide forced critics to focus on the potentially dire consequences of continuing to oppose congressional action.

"We sort of have to get hit in the face with it," said Sen. Lamar Alexander (R-Tenn.). Referring to both his colleagues and his constituents, Alexander added, "All of this is a learning process."

Negotiators are considering a range of possible additions to the bill, but the leading contender is a House Republican proposal to increase the federal insurance limit on bank deposits from the current $100,000 maximum to $250,000.

Although Democrats had rejected the idea over the weekend, Sen. Barack Obama (D-Ill.) endorsed the increase this morning, as did his GOP rival in the presidential race, Sen. John McCain (R-Ariz.).

Advocates of the increase say it would help to stabilize small banks and protect small businesses, both hard hit by the current crisis.

-- Shailagh Murray

September 30, 2008; 2:01 PM ET  | Category:  business
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Lets hope that McCrash keeps the parachute at one of his homes, they sell it to the American people correctly, they take the politics out of it and do the right thing for Main Street this time...

Posted by: Becky | September 30, 2008 2:22 PM

Three and a half years ago, John McCain belatedly cosponsored an apparently "dead" bill on mortgage regulation. He then did nothing else to revive it or bring it back up for consideration.

S.190 - A bill to address the regulation of secondary mortgage market enterprises, and for other purposes.
Sponsor: Sen Hagel, Chuck [NE] (introduced 1/26/2005)
Latest Major Action: 7/28/2005 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.
Sen Dole, Elizabeth [NC] - 1/26/2005
Sen Sununu, John E. [NH] - 1/26/2005
...time passes...
7/28/2005 (the date of this bill's LAST activity)
Sen McCain, John [AZ] - 5/25/2006

10 MONTHS after anyone had looked at this bill, McCain blew the dust off it and cosponsored it. He didn't do anything to push it forward, and the bill never saw any more activity in the Senate.

That seems to demonstrate a serious lack of leadership. It also continues the pattern of McCain stretching the truth, distorting the facts and outright lying to get elected. "Journalists" need to do their jobs here. Explode this MYTH. McCain has stood for deregulation. His has not been a reformer on the economy. His tax cut for the rich is more of the same.

Posted by: McCain is Dishonest | October 1, 2008 1:50 AM

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