On two instances that the proposed $700 billion bailout of Wall Street had broke down. Democratic Presidential nominee Senator Barack Obama of Illinois and GOP Presidential nominee Senator John McCain of Arizona met with President George W. Bush at the White House to discuss the bill. However, a deal had not been reached. So far, House Republicans were to blame as a result.
Later in the same day, Obama had spoken out. He said that a solution needs to be reached in regards to the financial crisis. But, he added that neither he nor McCain should be present at the negotiations at the US House. Obama said that putting presidential politics in the mix would only make things much worse.
During the first United States Presidential debate at Ole Miss in Mississippi, neither Obama nor McCain had elaborated on what their plans were in dealing with the financial crisis. There was not much spoken in regards to the hefty bailout of Wall Street.
On Monday, the proposal deal failed to pass through the House. McCain had attacked Obama for not being there. He placed the blame on Obama and his supporters for playing party politics. However, most of the House Republicans had voted against the bill. So far, it looks to have beneficial to Obama for not being active in the negotiations.
Now, the United States Senate plans to take a crack at the bailout. On Wednesday evening, in accordance to the Jewish holiday, the US Senate will vote on the hefty bailout plan. McCain, Obama, and Democratic Senator and Obama VP running-mate Joe Biden of Delaware will return to Washington DC to take part in the vote.
When the US Senate votes on the bill, there will be added stipulations and attachments.
The first stipulation for the bailout bill would be to raise the FDIC insurance cap from $100K to $200K.
The second stipulation is a provision on mental health. Under this stipulation, health insurance companies to cover mental health and physical health on a level of parity. What it means is that the insurance companies must treat both mental illnesses and physical illnesses on an equal level.
The third stipulation would be a bill that gives tax incentives on renewable forms of energy.
Since Obama and Biden are flying to Washington DC for the vote, they are highly likely to play an active role. It is obvious that McCain will be present.
So far, it seems that McCain’s campaign has taken a damaging blow at the bill’s failure to pass through the US House. It is curious on how the Senate vote will affect the McCain campaign and the Obama campaign.
Ultimately, how is this going to affect McCain?
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