Question: What did John McCain hope to accomplish by returning to Washington?

As the Republican presidential candidate, what can McCain contribute to the bailout discussion?

Answer:

Although he is not a member of the Senate Banking Committee or any other committee that would have direct responsibility regarding the national financial crisis, McCain, as the Republican presidential nominee, is nevertheless the leader of the Republican Party, a position he shares with outgoing President George W.


Bush.

In his capacity as party leader, McCain’s presence could help bridge the ideological gap between President Bush and the Republicans who oppose his bailout proposal. McCain hopes to either refine the proposal or develop an alternative solution – something to which both Republicans and Democrats can agree.

McCain’s presence in Washington also serves another, more pragmatic purpose. As Senator, he has a vote on the issue, and in such a divisive environment, the success or failure of a proposal could come down to just a few votes, meaning the success or failure of any solution could depend heavily on the votes cast by both McCain and his Democratic rival, Sen. Barack Obama.

On the campaign trail, presidential candidates (on both sides of the aisle) simply cannot devote the time required to reading and understanding such complex legislation. It’s not a matter of being able to multi-task; rather, it’s a logistical problem. If the candidate is at the podium addressing supporters, he’s not reading new proposals, nor is he staying up to date with the latest developments.

Should a bill suddenly come before the floor of the Senate, neither candidate can cast a vote if they’re thousands or even hundreds of miles away.

As a veteran lawmaker, who has worked with members of both parties to accomplish legislative goals, it is virtually impossible for McCain (or Obama, for that matter) to make the necessary connections from the stump that are required in order to help negotiate legislative solutions. Simply put, these kinds of meetings take time and can only be done in person.

Ironically, a public plea from Democratic Senate leader Harry Reid may have been the impetus that led to McCain’s surprising announcement to return abandon the stump and return to Washington.

“We need now the Republicans to start producing some votes for us,” Reid told a throng of reporters at a press conference on Sept. 23. “We need the Republican nominee for president to let us know where he stands and what we should do.”

TheHill.comreported that Reid later announced McCain would be supporting the bill. According to the report, Reid said, “I got some good news in the last hour or so … it appears that Sen. McCain is going to come out for this.”

McCain denied ever saying anything of the sort, but apparently, Reid’s earlier comments conveyed the gravity of the situation and the need for action. The following day, McCain announced he would suspend his campaign and head to Washington.

Reid, however, was not happy with McCain’s decision to take him up on his challenge, saying, “…It would not be helpful at this time to have [the presidential candidates] come back during these negotiations and risk injecting presidential politics into this process or distract important talks about the future of our nation’s economy.”

Index to Bailout FAQs:

• What do conservatives think about the federal government's $700 billion plan to bail out the financial market?
• Was the $700 billion corporate bailout necessary?
• What did John McCain hope to accomplish by returning to Washington to work on the Wall Street bailout?
• Is the Bush Administration responsible for the financial crisis of 2008?