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House vote against bailout wounds McCain

(Agencies)
Updated: 2008-09-30 11:19

WASHINGTON -- The house always wins, gamblers are warned, and the US House made John McCain pay Monday for his politically risky, high-profile involvement in a financial rescue plan that came crashing down, mainly at the hands of his fellow Republicans.

Republican presidential candidate, Sen. John McCain, R-Ariz., and vice presidential candidate, Alaska Gov. Sarah Palin, arrive at a rally in Columbus, Ohio, Monday, Sept. 29, 2008. At right, McCain's wife Cindy McCain. [Agencies]

The bill's defeat can hardly be blamed on the GOP presidential nominee, and it's possible that a revised measure might succeed. But by his own actions last week, McCain tied himself far more tightly to the failed bill than did his Democratic opponent, Barack Obama.

McCain argues that action is better than inaction in times of crises. His efforts, however, were aimed squarely at House Republicans, the group mainly responsible for the bill's demise, which triggered a record drop of nearly 800 points in the stock market, the most ever for a single day.

If Congress' impasse leads to a credit crisis, "it's not going to be good for McCain," said veteran Republican consultant John Feehery.

Another prominent Republican strategist, who would talk only on background to avoid antagonizing associates, said the vote was trouble for McCain.

As recently as Monday morning, only minutes before the House's stunning vote, McCain suggested that his call for a White House summit meeting Thursday, and his visit with unhappy House Republicans that preceded it, had helped clear the way for the bill's passage.

"I went to Washington last week to make sure that the taxpayers of Ohio and across this great country were not left footing the bill for mistakes made on Wall Street and in Washington," he told a crowd in Columbus, Ohio. "Some people have criticized my decision, but I will never, ever be a president who sits on the sidelines when this country faces a crisis."

On NBC's "Meet the Press" Sunday, top adviser Steve Schmidt said McCain managed "to help bring all of the parties to the table, including the House Republicans, whose votes were needed to pass this."

The comment suggested that McCain took responsibility for rounding up the needed GOP votes, "and that was probably a stupid thing for him to promise to do," said Democratic adviser Jennifer Palmieri.

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