Yesterday, the United States House Of Representatives rejected the Bush administration’s proposed economic bailout package. The Bailout Bill HR 3997 was rejected by the House after falling 13 votes short of the required number of votes for passage of a Bill. The blame game started immediately after with members of both parties blaming the other for the rejection of the bill. The one who seems to be hurt more by the rejection is the McCain campaign. After the GOP Republican National Convention at Excel Energy Center in Saint Paul, Minnesota, Barack Obama and John McCain were tied in the polls. None had a clear lead and voters were still hugely undecided.
Yesterday’s Bailout Bill rejection seems to have worked in favor of the Obama campaign. John McCain made a huge mistake with his political gimmick of “Suspending” his campaign to “rush to Washington” to help with negotiations between lawmakers and the Bush administration. McCain had not left New York for at least 22 hours after making his announcement. Now, it looks like his presence in Washington hardly mattered. McCain wanted to project himself as the “Savior” of the American economy, but in the process of doing that he seems to have hurt his chances of being the next US president even more. The American public would now see McCain as a leader who failed to deliver during a time of crisis. A CNN poll now indicates that Obama is now leading the polls with 51% against McCain’s 46 percent.
McCain was quick to lay the blame on Barack Obama. According To CNN,
After the vote, McCain was defensive, accusing his Democratic rival, Sen. Barack Obama, of just wanting to “phone it in” when it came to the bailout and introducing partisanship into the process.
“Senator Obama and his allies in Congress infused unnecessary partisanship into the process. Now is not the time to fix the blame. It’s time to fix the problem,” the Arizona Republican said after the vote. Video Watch politicians point fingers after the vote »
But on Tuesday morning, McCain said the bill failed “because we haven’t convinced people that this is a rescue effort, not just for Wall Street, but for Main Street America, for working families, for small businesses, for the heartland of America.
“I may fail a first or second or third time, but we have to get this job done for America. And I have a plan to restore our economy,” McCain added.
Barack Obama did good by not talking too much and not promising too much like McCain. He was aware that he does not have as much clout on Congress as John McCain does. He instead was in constant touch with the Treasury secretary and made sure to say that in every event that he appeared. In fact he even showed up an hour late for an event in Colorado and later apologized for it. He said he was delayed because he was on the phone with Paulson getting details about the bailout bill. Smart move! He did the absolute minimum he could do to help the negotiations but still projected himself to the American public as being hugely involved in the negotiations.
The future of the Bailout Bill is still unclear and supporters of the Bill are hoping to bring it back for voting on Thursday.