Get to know Bailout Vote

Congress is poised to vote on the biggest government intervention in the financial markets since the Great Depression, but it’s unlikely that any of the three senators vying for the White House will be there — even though all three have talked of little else for over a week.

Indeed, the Senate bailout vote could fall on Friday, creating a huge logistical headache for both candidates even to make sure they’re onstage when the curtain goes up at Ole Miss.

President Bush joined key supporters of a Wall Street bailout package today, prodding lawmakers to approve the plan, hours ahead of a difficult House vote expected later in the day.

Congress is poised to vote on the biggest government intervention in the financial markets since the Great Depression, but it’s unlikely that any of the three senators vying for the White House will be there – even though all three have talked of little else for over a week.

Indeed, the Senate bailout vote could fall on Friday itself, creating a huge logistical headache for both candidates even to make sure they’re on stage when the curtain goes up at Ole Miss.

Late Sunday afternoon, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid held a news conference with Senate Banking Committee chairman Chris Dodd to announce that Congress would vote quickly on the legislation.

“I was disappointed in the vote with the United States Congress on the economic rescue plan,” he told reporters during a picture-taking session with the president of Ukraine.

The fate of the rescue package remained in doubt as Democrats and Republicans both said they wanted to resurrect it.

Sen. John McCain has no plans to return to Washington this week, even though on Monday he expressed discomfort with Treasury Secretary Henry Paulson ’s trillion-dollar bailout plan and has offered his own rescue proposal.

On Wednesday, McCain contradicted Senate Majority Leader Harry Reid, who said the Republican presidential hopeful would support the bailout.

In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive.

Arizona Sen. John McCain has no plans to return to Washington this week, even though on Monday he expressed discomfort with Treasury Secretary Henry Paulson’s trillion-dollar bailout plan and has offered his own rescue proposal.

TOKYO, Sept 29 Japan’s Nikkei stock average is likely to rise on Monday as a vote on a U.S. financial bailout nears, with Mizuho Financial Group and other financials set to gain, though gains will be limited by lingering concern about the global economy.

Obama, meanwhile, said “the power to spend $700 billion of taxpayers’ money cannot be left up to the discretion of one man, no matter who he is or which party he is from.

“Inaction would paralyze our economy,” Reid said.

Neither Obama nor McCain returned to Capitol Hill for an important economic vote on July 26, when the Senate passed a massive housing bill to shore up mortgage markets and prevent hundreds of thousands of foreclosures.

House leaders say they’re reconvening Thursday instead of adjourning for the year as planned, after dealing the bailout a stunning defeat.

Senior Obama strategist Robert Gibbs said the campaign would also be monitoring the process as it unfolds, but as of Monday, the campaign would not commit to Obama’s making the trip back to Washington — even though the bailout proposal has taken a central role in Democratic presidential nominee’s stump speeches.

Democrats agreed to the deal after accepting compromises demanded by some conservative Republicans and moderate Democrats.

U.S. lawmakers geared up to vote on Monday on creating a $700 billion government fund to buy bad debt and alleviate the financial crisis.

Obama did, however, return to the Senate on July 10 to vote in support of stalled Medicare legislation, which had failed on an earlier attempt to clear the 60-vote filibuster hurdle.

Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home.

In effect, the government would guarantee some bad debts without having to fork over taxpayer money immediately.

Senior Obama strategist Robert Gibbs said the campaign would be monitoring the process as it unfolds this week, but as of Monday, the campaign would not commit to Obama making the trip back to Washington – even though the bailout proposal has taken a central role in Obama’s stump speeches.

The benchmark Nikkei.N225 is expected to move between 11,800 and 12,100.

Clearly, the looming first presidential debate is the major factor in encouraging the top-ticket candidates to stay put.

He spoke after the House voted 228-205 to reject the $700 billion bailout plan that had been backed by congressional leaders of both parties and by both presidential candidates.

“Many Members of Congress contributed important ideas to improve the legislation my administration proposed.

One of them will president, and while we worry about whether a V.P. is experienced enough these two, McCain and Obama, campaign rather than learn about the most important legislation in almost 70 years.

Democrats also hope that, after the compromises, enough House Republicans will vote for the package to give Democrats political cover.