GOP mostly mum on McCain bailout role
GLENSIDE, Pa. – John McCain and Barack Obama appeared relieved Friday to move beyond the dramatic two-week scramble to rescue the American financial system – but not before they sought to take some credit for ushering the $700 billion bailout into law.
Five days after rejecting a previous version of the bill, nearly 60 Democratic and Republican House members changed their minds and backed the bailout plan after intensive behind-the-scenes lobbying from the presidential nominees, President Bush and congressional leaders.
Trying to rise above the partisan fray, aides to McCain and Obama were reluctant to detail the extent of their candidate’s activities. But Democrats were far more vocal Friday in crediting Obama’s intervention than Republicans were in acknowledging McCain.
Obama, who involved himself more deeply this week by lobbying individual lawmakers, said he was “grateful to the House Democrats I personally spoke with who supported this rescue plan.”
“Barack Obama really gave them the confidence that this was the right decision for the American people,” House Speaker Nancy Pelosi (D-Ca.) said.
"I want to thank one person who's not here, and that's Barack Obama, who made numerous calls and helped us get the votes to pass this," said Rep. Rahm Emanuel (D-Ill.) the House Democratic Caucus chairman.
Reps. Chris Van Hollen (D-Md.) and John Larson (D-Conn.), both members of the Democratic leadership team, also praised Obama for helping win over Democrats who voted no on Monday and helped push the bill toward passage.
McCain took credit for driving House Republicans back into the process a week ago after the initial collapse of the bill, a point agreed to by his home state colleague Rep. Jeff Flake (R-Ariz.)
"The reason the bill is better is because of McCain," he said. But Flake voted no anyway.
“I'm glad I suspended my campaign to go back to Washington to help bring the House Republicans to the table,” McCain said Friday after landing in Flagstaff, Ariz. “I believe that the taxpayer protections that have been added have improved the bill.”
McCain and Obama each cast the legislation as the beginning, not the end, of efforts to repair the economy.
Polling suggests the effect of the last two weeks on the race has been dramatic. The events showcased the leadership styles of Obama and McCain, giving voters a real-time glimpse into their approaches to crisis management, but it was Obama who saw his poll numbers rise as he took a low-key approach, staying on the campaign trail as he called for calm in the markets, laid out principles for a how a final deal should look, and worked the phones with key negotiators.
McCain stumbled from the start, saying the “fundamentals of the economy were strong” as major investment banks were going under. He then took the unusual step of suspending his campaign and urging postponement of last Friday’s presidential debate. He returned to Washington for a tumultuous White House meeting, which was followed by the collapse of an initial bailout deal among lawmakers. He ended up attending the presidential debate and continuing his campaign, as it took 10 days from his initial announcement for a bill to pass both chambers.
But Obama miscalculated, as well.
His arms-length posture looked too removed Monday when the House defeated the bill with the help of Democrats, including a majority of the Congressional Black Caucus. After limiting his discussions for days with congressional leaders and top administration officials, Obama stepped up his advocacy through a series of private talks with rank-and-file members.
He began reaching out individually to members Tuesday, and held a conference call Thursday with freshmen Democrats.
During a conversation with Rep. John Yarmuth (D-Ky.), Obama said he thought Congress could come up with a better plan if lawmakers spent a month or two on the legislation. But he warned Yarmuth that the crisis was more imminent than that.
Yarmuth, along with Maryland Reps. Donna Edwards and Elijah Cummings, said the senator never explicitly asked for their vote, instead telling them why he supported the plan and asked where they stood.
Edwards and Cummings said Obama assured them that he would revisit bankruptcy laws to give judges more authority to restructure mortgages for people facing foreclosure –a priority that House Democrats were forced to strip from their housing bill earlier this year.
Given that assurance, Cummings said that he didn’t want to take the economic risk of a no vote, “particularly when my biggest concern might be addressed by the next president of the United States.”
“More than anything what they wanted some assurance of was that this was not $700 billion going to a few banks but that in fact that it is designed to ensure that the credit markets are working for Main Street, that we don’t have a collapse,” Obama told reporters during a stop at a flower shop here. “They also, I think, wanted to hear from me as potentially the next president who’s going to be implementing some of these policies after January 20.”
After taking credit for helping shape the bill, Obama said the administration must use its authority “wisely and in a way that protects American taxpayers,” and called on Congress to pass economic stimulus plan for the middle class.
McCain said the bill was “a tourniquet, not a permanent solution.”
“Our economy is still hurting and further action is needed, and it should not take a crisis to get this Congress to act,” McCain said.
@@ Daniel Reilly, Patrick O'Connor and Ryan Grim contributed to this report.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
GOP mostly mum on McCain bailout role
By CARRIE BUDOFF BROWN & AMIE PARNES |
10/3/08 7:54 PM EDT
| 
| 240 : vote(s) so far
| Cast your vote: