As Bailout Plan Falls Apart, McCain is Blamed by Democrats

Democrats pointed to McCain, saying that he used the event as a political ploy and a photo-op.

Senate Banking Committee chairman Chris Dodd (D-Conn) said:

"What happened here, basically, if you want an honest appraisal of the thing, we have been spending a lot of time and I am tired. I have spent almost seven straight days at this in trying to come out with a workout plan for our economy a rescue plan. What this looked like to me was a rescue plan for John McCain for two hours and took us away from the work we are trying to do today. Serious people trying to do serious work to come up with an answer."

Senate Majority Leader Harry Reid said the following:

"John McCain did nothing to help, he only hurt the process."

Earlier in the day Dodd had announced a deal "in principle."

Democratic additions to the bill would include help for Main Street mortgage holders, and would give the government and thus taxpayers "equity" in any companies who are "bailed out."

Additionally, there would be pay limits on executives for any companies seeking help. And Democrats said that any deal must include strict oversight.

But many Republicans are opposed to the deal as it is counter to the "small government" ideals of their party. Of course, it's a GOP administration that's calling for this huge bailout, and a GOP administration that --- with minimal or even no oversight --- led to this financial mess.