McCain blames Obama for bailout defeat

Shortly after the bailout vote, a statement from the campaign of Sen. John McCain (R-Ariz.) blamed the loss on "the Democratic leadership: Senators [Barack] Obama and [Harry] Reid, Speaker [Nancy] Pelosi and others.

"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," said the statement, released in the name of senior policy adviser Douglas Holtz-Eakin.


Here is the text of the statement:

“From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Senators Obama and Reid, Speaker Pelosi and others. Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families.

“Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill.

“Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome.

“This bill failed because Barack Obama and the Democrats put politics ahead of country.” — McCain-Palin senior policy adviser Doug Holtz-Eakin

Before McCain Came To Washington, Senate Democrats Called On McCain For Leadership In Economic Crisis



Senate Majority Leader Harry Reid (D-NV): "We Need The Republican Nominee For President To Let Us Know Where He Stands And What We Should Do." Reid: "We need, now, the Republicans to start producing some votes for us. We need the Republican nominee for president to let us know where he stands and what we should do." (Sen. Harry Reid, Press Conference, Washington, D.C., 9/23/08)

• Watch: http://www.youtube.com/watch?v=j3f0BwyZKMw

ABC News: White House Has Been Told By Democrats "That There Is No Deal If McCain Doesn't Go Along." "A Democratic leadership source says that White House Chief of Staff Josh Bolten has been told that Democratic votes will not be there if McCain votes no — that there is no deal if McCain doesn't go along." (George Stephanopoulos, "McCain; Holds Key To Administration's Bailout Passage On Capitol Hill," ABC News, 9/23/08)

Roll Call: Senate Majority Leader Harry Reid Told The White House That Senator John McCain Was Crucial To Any Bailout Deal. "Fearing a political backlash against Democrats, Senate Majority Leader Harry Reid (D-Nev.) has told the White House that it must serve up support from Republican presidential nominee Sen. John McCain (Ariz.) if it hopes to ensure bipartisan backing for a massive economic bailout package by week's end." (Erin P. Billings and John Stanton, "Reid Seeks McCain Pledge," Roll Call, 9/24/08)

• Roll Call: "McCain Holds The Key To … A Bipartisan Vote, According To Reid …" "McCain holds the key to such a bipartisan vote, according to Reid, because Republicans are likely to defer to his position on a bill that holds political peril. McCain on Tuesday night joined Democratic presidential nominee Sen. Barack Obama (Ill.) in lending qualified support for the $700 billion package, but it remains unclear whether his backing is strong enough and timely enough to persuade the Congressional rank and file." (Erin P. Billings and John Stanton, "Reid Seeks McCain Pledge," Roll Call, 9/24/08)

• Senator Reid Told Secretary Paulson That Senator McCain Was Necessary For Any Agreement. "According to a Democratic aide familiar with the discussions, Reid told Paulson this week that 'if McCain didn't come out for this thing and come out for it quickly, it was going to begin bleeding Republican votes.' Democrats 'have a very real concern that opposition [from McCain] is going to drive away potential Republican votes,' this aide said." (Erin P. Billings and John Stanton, "Reid Seeks McCain Pledge," Roll Call, 9/24/08)

After John McCain Returned To Washington, Democrats Attacked Him Instead Of Accepting His Help

The Wall Street Journal: Democrats "Dismissed" McCain's Return To Washington "As Political Gimmickry." "Republican Sen. John McCain said he would suspend campaigning to help tackle a $700 billion bailout proposal and called on Democratic rival Sen. Barack Obama to postpone their debate Friday, as the roiling U.S. financial crisis took center stage in the presidential campaign. Democrats dismissed the moves as political gimmickry …" (Laura Meckler, Elizabeth Holmes and Christopher Cooper, "Financial Crisis Upends Campaign," The Wall Street Journal, 9/25/08)

"In Interviews After The Meeting, Obama Pointed A Finger At His Rival For The Faltering Talks…" (Michael D. Shear and Jonathan Weisman, "Debate Still In Limbo As Democrats Blame McCain For Interrupting Process," The Washington Post, 9/26/08)

Senate Majority Leader Harry Reid (D-NV) Said It "Would Not Be Helpful" To Have McCain Return To Washington To Work On The Bailout Plan. "Senate Majority Leader Harry Reid, in a statement that would be unlikely to go out without the Obama campaign's approval, dismisses McCain's suspension: 'This is a critical time for our country. While I appreciate that both candidates have signaled their willingness to help, Congress and the Administration have a process in place to reach a solution to this unprecedented financial crisis. … But it would not be helpful at this time to have them come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation's economy. If that changes, we will call upon them.'" (Ben Smith, "Reid: McCain Return 'Would Not Be Helpful,'" The Politico's "Ben Smith's Blog," www.politico.com, 9/24/08)

• Reid: "We Need Leadership; Not A Campaign Photo Op." (Ben Smith, "Reid: McCain Return 'Would Not Be Helpful,'" The Politico's "Ben Smith's Blog," www.politico.com, 9/24/08)

House Speaker Nancy Pelosi (D-CA) Said She Didn't Want McCain's Help With The Bailout Bill. "John McCain called Speaker Nancy Pelosi this afternoon to deliver the news as well, saying he was coming back to help with the bailout bill. Pelosi's response: We got it covered senator. 'We are making progress,' Pelosi told McCain, according to a Democratic aide familiar with the conversation. 'Thanks but no thanks, Senator McCain.'" (Martin Kady II, "McCain Also Called Pelosi," The Politico's "The Crypt" Blog, www.politico.com, 9/24/08)

Senate Banking Committee Chairman Chris Dodd (D-CT) Said The White House Meeting "Looked Like A Rescue Plan For John McCain." "'What this looked like to me was a rescue plan for John McCain for two hours,' said an angry Sen. Christopher J. Dodd (D-Conn.), who had all but declared the deal done earlier in the day. 'To be distracted for two to three hours for political theater doesn't help.'" (Michael D. Shear and Jonathan Weisman, "Debate Still In Limbo As Democrats Blame McCain For Interrupting Process," The Washington Post, 9/26/08)

Sen. Chuck Schumer (D-NY) Said McCain Should "Get Out Of Town." "During a speech on the Senate floor this morning, Sen. Chuck Schumer (D) urged President Bush to 'respectfully tell Sen. McCain to get out of town. He's not helping.' … He added, 'When you inject presidential politics into some of the most difficult negotiations under normal circumstances, it is fraught with difficulty. Before McCain made his announcement, we were making great progress. Now after his announcement, we are behind the 8 ball. We have to put things back together again.'" (Mark Murray, "Schumer: McCain Is 'Not Helping,'" MSNBC's "First Read" Blog, firstread.msnbc.msn.com, 9/26/08)

Sen. Claire McCaskill (D-MO): "Frankly We Had A Deal Until John McCain Came To Town To Play Politics." (MSNBC's "MSNBC Live," 9/26/08)

"[House Financial Services Committee Chairman Barney] Frank Also Blamed McCain For Making A Dramatic Announcement To Suspend His Campaign And Return To Washington For The Talks, Saying That Threw Off The Balance Of The Negotiations." (Alison Vekshin and James Rowley, "House Republicans Undercut Bush On Rescue, Slow Talks," Bloomberg News, 9/26/08)

House Majority Leader Steny Hoyer (D-MD) Said "Injecting Presidential Politics In This Critical Issue Would Not Be Helpful." "We are making progress and injecting presidential politics in this critical issue would not be helpful to quickly producing the best proposal for the American people. Senator McCain sounds like a man in a 100 yard race who is 50 yards out, 25 yards behind and wants to suspend the race. … Senator Obama called Senator McCain this morning to ask him to join in a joint statement of principles on a response to the financial crisis. It would be helpful for Mr. McCain to follow Mr. Obama's lead." (Rep. Steny Hoyer, "Hoyer Statement On McCain's Announcement To Suspend Campaign, Delay Debate," Press Release, 9/24/08)

• Hoyer Critcized McCain For Calling To Postpone The Debate. Hoyer: "With the election only a few weeks away, the American people deserve to hear from the presidential candidates on a variety of issues. The best forum for this type of discourse is a debate and the campaigns owe it to the American public to proceed as planned." (Rep. Steny Hoyer, "Hoyer Statement On McCain's Announcement To Suspend Campaign, Delay Debate," Press Release, 9/24/08)

Speaker Pelosi’s Partisan Speech From Well Of House

Speaker Pelosi's Partisan Speech From The Well Of The House Of Representatives Attacking Republicans Turned Off Potential Republican Votes. "Opponents said part of the reason for the opposition from Republicans was what they termed a partisan speech by House Speaker Nancy Pelosi, said one GOP source. 'Pelosi's partisan speech has caused our members to go berserk and may cost us any remaining chance to pass the bill,' the source said. Pelosi had said that Congress needed to pass the bill, even though it was an outgrowth of the 'failed economic policies' of the last eight years. 'When was the last time someone asked you for $700 billion?' she asked. 'It is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.'" ("House Defeats Wall Street Bailout Bill," FoxNews.com, 9/29/08)

When John McCain Returned To Washington, There Was No Deal In Place

Fox News' Carl Cameron Said "There Wasn't A Deal" When John McCain Arrived. Fox News' Jon Scott: "Give us your assessment of the statement that Harry Reid made a little bit earlier during that news conference. He didn't use John McCain's name, but he said things were proceeding along 'swimmingly,' essentially. And then he said a certain person came to Washington and then wheels fell off. Is that an accurate description of what happened?" Fox News' Carl Cameron: "No. There wasn't a deal. You first have to accept a predicate that there was an arrangement agreed to by all the necessary lawmakers and authorities — that was essentially a piece of paper and a proposal that had been discussed and agreed to buy one senate committee — that's not the same as a deal. A deal in budget parlance and bailout parlance requires the White House, the regulators, the House and Senate Republicans and Democrats. And because House Republicans were not given an adequate seat at the table, Republicans had great misgivings about this — the American people have great misgivings about this — I mean 60% and more in many polls say that the public just doesn't like this." (Fox News' "America's Newsroom," 9/26/08)

• Cameron: "So McCain's role in this was to bring about progress for a deal, which as of this hour has not yet existed. They are getting closer, they say, but because there was a commerce committee deal does not constitute finality, that was McCain's point — and he has been making it since Monday. And Harry Reid saying that we shouldn't inject Presidential politics into this and then immediately turning to John McCain raises some questions." (Fox News' "America's Newsroom," 9/26/08)

• Click Here To Watch: http://www.youtube.com/watch?v=QpThx-tZPGc

Sen. Joe Lieberman (D-CT): "There never was a deal yesterday. That was a big lie. There was kind of a framework that a few people agreed on, but you make a deal by the negotiations that Senator McCain helped bring about which are happening right now." (MSNBC's "News Live," 9/26/08)