Deal May Be Dead: Democrats Blaming McCain
@whiteheather39 (24403)
United States
September 25, 2008 7:54pm CST
Now what? This is the late breaking news. I thought this had to be decided this week or all hell would break loose on Monday.
Obama, McCain Leave White House Without Deal on $700 Billion Bailout
After days of bipartisan negotiations and meetings today at the White House, the deal to bail out staggered investment banks may be dying amid partisan finger-pointing.
Republicans blamed Democrats. Democrats blamed Republicans. And a key Democrat even pointed an accusatory finger at Republican presidential nominee Sen. John McCain, R-Ariz.
Result of bipartisan meeting on bailout seems intensified partisan infighting.House Financial Services Chairman Barney Frank, D-Mass., told Democratic colleagues that McCain's sudden heightened involvement in the negotiations has destroyed the chance of an agreement, sources told ABC's George Stephanopoulos.
Frank compared McCain's involvement to "Richard Nixon blowing up the Vietnam peace talks in 1968."
http://abcnews.go.com/Politics/Vote2008/story?id=5884701&page=1
A senior McCain adviser told ABC News' David Chalian, "It is clear that there is not yet an agreement, but we're working with all parties with the common goal of getting an agreement. When we have an agreement, we'll have a debate."
Other Democrats pointed fingers at House Republicans, who they said were reneging on matters they thought had been settled, such as on the issue of helping homeowners with foreclosures.
House Republicans are saying Democrats never included them in negotiations and were trying to jam the agreement's "principles" down their throats. And many are concerned about the U.S. government purchasing apparently toxic assets.
Sources tell ABC News' George Stephanopoulos that Treasury Secretary Henry Paulson fears the deal is falling apart.
As Democrats met in the White House's Roosevelt Room after the meeting with Bush, Paulson told them, "Please don't blow this up," according to sources
6 people like this
10 responses
@missybal (4490)
• United States
26 Sep 08
One party blaming the other, never going to get us anywhere but this is far too important of a bill to just slap together and say okay let's just run with this. This is a crucial deal that could make or break or economy. This is something if it wasn't for some stubborn people in congress would have been taken care of before it was a problem. And if the ones who knew from the start this was going to happen would have yelled it a little louder. But because they all would rather fight over which party is right and which is wrong instead of working together, it's a mess. But sometimes you have to have a good fight inorder to get things resolved. I know I really got to get mad and have it all out with my husband and get everything out in the open before it can be resolved. I think the main issue is that McCain's putting more on the table that really needs to be considered before deciding on a set plan. Better to do the right thing than just sign off on something because others are screaming hurry up.
4 people like this
@whiteheather39 (24403)
• United States
26 Sep 08
I agree if it is not done right it will just come back to haunt us.
1 person likes this
@Taskr36 (13963)
• United States
26 Sep 08
Do you realize how much $700 billion is? If they split that money up and just gave it to the people, then every man, woman, and child in this country would get $2500 dollars. Frankly I think that could do a lot of people. Even better if they just split it amongst households. Instead, they are going to give it to companies that screwed up so badly that it trashed our entire economy.
3 people like this
@whiteheather39 (24403)
• United States
26 Sep 08
I heard that it would cost each and every American houshold $10,000.00
@sumofalltears (3988)
• United States
26 Sep 08
This is not as easy as everyone makes it sound. There is a lot of money involved and throwing good money after bad money is not a smart move. I don't think this issue should be railroaded through just because, it needs fine tuning just as any bill would. Even so I can see that somewhere down the line some smart lawyer will find and exploit a loophole and the government will lose a lot of money. The problem was caused by irresponsible lending practices in support of the so called housing boom. No one took the time to ask how there could be a housing boom when the country as a whole was in a recession. Fannie Mae and Freddie Mac were led down the garden path by scammers like Ameriquest and I don't see why the government should have to bail out stupidity.
1 person likes this
@whiteheather39 (24403)
• United States
26 Sep 08
I do not agree with bailing out stupidity but I do not want a repeat of the 1929 depression. I imagines that all the fat cats who cause this and got rich are making sure all their money is stashed in offshore accounts.
1 person likes this
@morethanamolehill (1586)
• United States
26 Sep 08
Like they always say. "Good for America, Bad for the Democrats. Bad for America, Good for the Democrats".
They Cannot allow John to have any credit in this and this is proof that they will not work across the aisle.
1 person likes this
@morethanamolehill (1586)
• United States
26 Sep 08
Jerzgirl, That is exactly what they want you to think.
@jerzgirl (9233)
• United States
26 Sep 08
Oh please please give McCain credit for helping push us into depression. By the way, it is Republicans in the Senate who are holding up the bailout and who refused to meet with the White House in a special meeting last night. But, do please give McCain credit for helping pass this financial fiasco.
@4magoo (396)
•
26 Sep 08
It is clear. When negotiations are as delicate as they are you don't improve the changes of success by thrusting partisan politics into the mix. Both sides do not want to seem to be "helping" the other side and so both sides back off. What they need to do is get all the presidential candidates out of Washington. Then closes the doors again. Don't report what is being said behind closed doors until they come out with a deal. Then don't claim victory by either side. Just go out and vote it and say "WE" solved the problem.
1 person likes this
@whiteheather39 (24403)
• United States
26 Sep 08
I agree. This catastrophe should not be used as an election tool.
1 person likes this
@rogue13xmen13 (14403)
• United States
26 Sep 08
It is so easy to point the finger, but honestly, we are all to blame for this. The banks are to blame for handing out loans, those of us who took loans are to blame for not reading the fine print, and the government is to blame for bailing the banks out. It is just a vicious cycle, and both parties only have themselves to blame for not finding a solution to this problem. We are lucky that we all did not end up in a depression like my grandmother's generation, but we sure were close to it, actually, we still are right at the edge of it. Our economy needs gain stability again or else we are all going to suffer some dire consequences.
@Lakota12 (42600)
• United States
26 Sep 08
Dont know why they blew up but we have a rant on thenews channel here and some one wanted to know whysince they put us here in the first place should they do a buy out wehn they have already took that money from some where and lost it.
why should we have to pay for it in the long run.
1 person likes this
@suspenseful (40193)
• Canada
26 Sep 08
These deals take time and remember if it is not settled, America may go into a deep recession and no one can pass the blame. It is not the Republican or Democrat fault. It is the fault of those who took out bad loans when they could not afford to pay back, it is the fault of those countries that borrowed money from America and thought America is rich we do not need to pay back. It is the fault of those companies that led heart rather than business make their decisions. It is the fault of the companies that did not check to see if that person, firm, or country had a good credit rating. I do think that the Democrats should have included the Republicans on the negotiations. That was wrong and a false assumption made that Republicans do not care about people.
I also think they all should have gotten the heads of the businesses and mortgages who gave out these bad loans and really scolded them up and down. And say "it is all your fault that we will have to raise taxes to bail you out!"
@kenzie45230 (3560)
• United States
26 Sep 08
I think it's time for all of us to start writing to our congressmen/women and telling them to stop being so immature and get this thing fixed. It will affect us all. Right now, individuals and businesses are having a horrible time getting any kind of loans.
Frankly, I'm against bailing out everyone who is in foreclosure. People who purchased homes that were too costly and had too high mortgage payments should have known better. I know people who are paying out 1/2 of their monthly income for housing. That's just stupid. The "rule" has always been that one should never pay more than 1/4 of one's income for housing. But these folks didn't want "starter homes" and they didn't want to buy their first furniture used or at cheap stores. They wanted the best. It's time that they learn to pay for their stupidity and mistakes.
The banks and mortgage companies - at least the smaller ones - I have more sympathy for. The politicians (and lobbyists behind them) insisted on the subprime mortgages - where they didn't care about income or credit rating. These lobbyists said that asking for credit ratings and income was racially discrimating. Balogna butts! Then banks that didn't want to participate in subprime mortgages were called racist.
Perhaps the poliicians who forced the banks to do these loans should be paying out of their own pockets.
But right now, they need to put the country first - like McCain - and come to an agreement quickly to make sure more people don't suffer.
