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Senate to Vote on Wall St. Bailout

HeadlineOct 01, 2008

Congressional leaders and the White House have slightly revised the $700 billion Wall Street bailout before a Senate vote expected later today. The measure is said to include new tax breaks for businesses and higher government insurance on bank deposits. The ongoing talks helped the nation’s financial markets recover one day after stocks plummeted on Wall Street with the House rejection of the bailout. The Dow was up 4.7 percent, following Monday’s historic seven-percent drop. Senators Barack Obama, John McCain and Joe Biden say they’ll return to Washington for today’s vote. In Iowa, McCain called on both parties to overcome popular opposition to the bailout.

Sen. John McCain: “I am disappointed at the lack of resolve and bipartisan good will among members of both parties to fix this problem. Bipartisanship is a tough thing, never more so when you’re trying to take necessary but publicly unpopular action. But inaction is not an option.”

Meanwhile, campaigning in Nevada, Senator Obama called on lawmakers to avoid partisanship and act quickly.

Sen. Barack Obama: “This is one of those defining moments when the American people are looking to Washington for leadership, so it’s not a time for politics. It’s not a time for partisanship. There’s going to be a lot of time left and a lot of topics and issues to debate in the next five weeks. But it’s not a time to figure out how to take credit or where to lay blame. It’s not a time for politicians to concern themselves with the next election. It’s a time for all of us to concern ourselves with the future of the country that we love. This is a time for action.”

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