Economic Woes Edge Obama Over McCain

McCain Holds Key to Bailout on Capitol Hill

Obama and McCain face a key test this week on how they handle the administration's proposed $700 billion bailout plan for Wall Street.

Both presidential candidates agree that the administration's plan should include caps on executive compensation, or golden parachutes. But it is McCain who may ultimately hold the fate of the massive bailout plan in his hands.

"The big factor may be John McCain. I was talking to top Republicans and Democrats yesterday, they both say that if John McCain doesn't vote for this package, it is going to go down," Stephanopoulos said.

"So he is facing a huge choice, a huge gamble also for McCain," he added.

"McCain aides say he hasn't made up his mind yet. He's laid out his own conditions as well but they want him to be seen and he wants to be seen as a champion of the little guy," Stephanopoulos said.

"The Democrats say they're not going to give John McCain a free chance to break away from President Bush," Stephanopoulos said. "The Republican members of Congress say that if he votes 'no' that they're not going to be at odds with him."

Stephanopoulos said the Bush administration's massive $700 billion Wall Street bailout package isn't a done deal on Capitol Hill. Administration officials are pressing to get the bill passed by this weekend.

"Top officials tell me in Congress that 'It's not soup yet.' There is no deal yet. They're pushing to improve, they say, improve the bailout plan saying it has to do something to constrain executive compensation. Something to give taxpayers equity in this deal. Something to help homeowners facing foreclosure," he said.

"It's tough to see right now. There is still a lot of negotiating going on right now," Stephanopoulos said.

-- This embed didnt make it to copy for story id = 5873320. -- This embed didnt make it to copy for story id = 5873320. -- This embed didnt make it to copy for story id = 5873320. -- This embed didnt make it to copy for story id = 5873320. -- This embed didnt make it to copy for story id = 5873320. -- This embed didnt make it to copy for story id = 5873320. -- This embed didnt make it to copy for story id = 5873320.
Page
  • 1
  • |
  • 2
Join the Discussion
blog comments powered by Disqus
 
You Might Also Like...