PRESS RELEASE from McCain-Palin 2008; also, below, is an earlier statement                  

For Immediate Release  
Monday, September 29, 2008
Contact: Press Office

John McCain On Today's House Vote

John McCain

West Des Moines, IA
September 29, 2008

"I speak to you at an hour of crisis for our nation's economy.

"I believe the crisis facing our economy could have a grave impact on every American worker, small business owner, and family if our leaders fail to act.

"I share the anger and frustration that many Americans feel toward reckless and corrupt mismanagement on Wall Street and in Washington.

"I returned to Washington last week to work on a bipartisan rescue plan. It was the only plan at that time on the table but lacked enough support to pass. It also lacked sufficient accountability and transparency to justify expenditure of the taxpayers' money.

"At the time, the concerns of all members were not being heard. My colleagues were worried about the size of the plan and the risk it posed to taxpayers. I shared those concerns and I laid out principles that I thought must be adhered to. Those principles included responsible oversight, effective transparency, added protections for the taxpayers, and a cap on excessive salaries for executives.

"I also believe that the legislation should have no earmarks. I worked hard to play a constructive role in bringing everyone to the table. The plan is now significantly improved. We strengthened taxpayers' protections and oversight, and the taxpayers were on the hook for less money up front. Don't get me wrong - it isn't perfect. And the fact that taxpayers could have to spend a single dollar to create stability in our economy is a decision that I do not take lightly.

"I was hopeful that the improved rescue plan would have had the votes needed to pass because addressing a credit crisis is of vital importance to families, small businesses, and every working American who must be assured that their assets are safe and protected and that our economy will continue to function.

"Today, I've spoken to the Federal Chairman Bernanke, Secretary Paulson, Congressional leaders and now it's time for all members of Congress to go back to the drawing board.

"I call on Congress to get back obviously immediately to address this crisis. Our leaders are expected to leave partisanship at the door and come to the table to solve our problems. 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.

"I would hope that all our leaders, all of them, can put aside short-term political goals and do what's in the best interest of the American people. Thank you."


Statement by McCain-Palin Senior Policy Adviser Doug Holtz-Eakin

 "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