From NBC/NJ's Adam Aigner-Treworgy
When McCain boarded his campaign plane with Rob Portman in preparation for his flight to Des Moines, just as the bailout legislation was defeated on the House floor, he ignored questions shouted by reporters from under the wing about the fate of the bill.

It's unclear if he could hear the questions, but when he heard reporters shouting his name he turned and waved.

From NBC's Mark Murray
Here was McCain's opening line at Friday's debate (the emphasis is mine): "I've been not feeling too great about a lot of things lately. So have a lot of Americans who are facing challenges. But I'm feeling a little better tonight, and I'll tell you why. Because as we're here tonight in this debate, we are seeing, for the first time in a long time, Republicans and Democrats together, sitting down, trying to work out a solution to this fiscal crisis that we're in."

"And have no doubt about the magnitude of this crisis. And we're not talking about failure of institutions on Wall Street. We're talking about failures on Main Street, and people who will lose their jobs, and their credits, and their homes, if we don't fix the greatest fiscal crisis, probably in -- certainly in our time, and I've been around a little while. But the point is -- the point is, we have finally seen Republicans and Democrats sitting down and negotiating together and coming up with a package."

Video: House Republican Leader John Boehner tells reporters he thinks the bailout bill could have passed today, had it not been for partisan comments by House Speaker Pelosi.

*** UPDATE *** The McCain campaign is blaming Nancy Pelosi -- and Obama by extension -- for the vote's failure in the House. "Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome," said McCain economic adviser Douglas Holtz-Eakin. "This bill failed because Barack Obama and the Democrats put politics ahead of country."

From NBC/NJ's Athena Jones
WESTMINSTER, Colo. -- Obama said he's confident a deal will be reached on a bailout plan, despite it failing in the House.

Explaining why he was delayed at the start of his event, he said in this town about 20 minutes outside Denver, "I was on the phone with Secretary Paulson as well as the Speaker of the House and the Congressional leaders, because they are still trying to work through this rescue package. And obviously this is a very difficult thing to do. It's difficult because we shouldn't have gotten here in the first place.

"We meet here at a time of great uncertainty for America. The era of greed and irresponsibility on Wall Street and in Washington has led us to a financial crisis as serious as any we have faced since the Great Depression. They said they wanted to let the market run free but instead they let it run wild, and in the process they trampled our American values of fairness, balance, and responsibility to one another. Now, because of speculators who gamed the system and regulators who looked the other way, your jobs, your life savings, and the stability of our entire economy is at risk."  

"So we've been left with no good options. And today, Democrats and Republicans in Washington have a responsibility to make sure that an emergency rescue package is put forward that can at least stop the immediate problems that we have so we can begin to plan for the future."

"Now, as I said, this is a hard thing to do. And, you know, right now, Democratic and Republican leaders have agreed, but members have not yet agreed. And there are going to be some bumps and trials and tribulations and ups and downs before we get this rescue package done.

"It's important for the American public and for the markets to stay calm, because things are never smooth in Congress, and to understand that it will get done. We are going to make sure that an emergency package is put together because it is required for us to stabilize the markets and to make sure that when a small business person wakes up tomorrow morning, he's going to be able to make payroll. That your, that your 401k and all the planning you've done for your retirement, that that's still going to be there. That we're not going to be losing jobs at a faster clip than we're doing right now, so I'm confident that we are gonna get there, but it's gong to be a little rocky. It's sort of like flying into Denver. You know you're going to land, but it's not always fun going over those mountains."

"At first, just some brief remarks on the deal that was arrived at last night, or night before last. Because I think it's important for people to understand what's currently on the table. It may go through some more modifications. It's a plan that has improved a good deal from the time it was first introduced by the Bush administration. This administration started off by asking for a blank check of $700 billion to solve the problem. And I said absolutely not."

From NBC/NJ's Adam Aigner-Treworgy
BEXLEY, Ohio - After "suspending" his campaign to return to Washington last week and help negotiate Congress's Wall Street bailout, McCain was back on the campaign trail today at a rally with his running mate where he criticized his opponent for not responding to the financial crisis in a similar fashion.

"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 in Wall Street and evil and greed in Washington," McCain said.

Despite numerous earlier claims that this crisis was not a situation to be politicized, McCain then added, "it's a matter of record Senator Obama took a very different approach to the crisis our country faced. At first, at first he didn't want to get involved. And then he was "monitoring the situation." That's not leadership, that's watching from the sidelines."

McCain's remarks came hours before the bailout legislation failed on the floor of the U.S. House of Representatives.

Although McCain said last week - and repeated today - that it wasn't his style to "simply phone it in," he spent roughly five hours on Capitol Hill last Thursday (including a meeting with Obama at the White House), and less than two hours there on Friday before traveling to the debate. He then spent most of the day on Saturday making phone calls from his campaign headquarters in Virginia, a few miles away from the Hill.

One of McCain's closest advisors excused his candidate's absence from the Capitol on Saturday by telling reporters that McCain could "effectively do what he needs to do by phone."

Obama also visited his Senate office on Thursday but left town on Friday morning.

While accusing Obama today of not fighting hard enough for hardworking Americans, McCain put most of the blame for the current crisis on Washington insiders, a label he eschewed today despite boasting a resume that includes over 25 years of service in Washington.

"Times are tough for America," McCain said. "Times are tough for working families. Times are tough. They're paying the penalty for the greed and excess in Washington and the old boy network, a thing I have never been part of."

In reference to the debate, McCain said that Obama wasn't telling the American people the "truth" about a vote in the Senate that includes the expiration of the Bush tax cuts and a tax increase for Americans making $42,000 a year.

"He said at the time that this vote for higher taxes on the middle class was quote 'getting our nation's priorities back on track,'" McCain said today of Obama's budget vote. "Then something happened, amazing. On Friday night, he looked the American people in the eye and said it never happened.
 
In response, Obama campaign spokesman Tommy Vietor issued this statement: "Senator McCain's angry diatribe today won't make up for his erratic response to the greatest financial crisis of our time. John McCain knows that the budget he's talking about didn't end up raising taxes on a single American, and the lie he told the American people today is all the more outrageous a day after he admitted that his health care plan will increase taxes on some families. When Senator Obama is President, no family making less than $250,000 will see their taxes increase, and 95 percent of all workers and their families will get a tax cut."

The U.S. House has rejected legislation to bail out the country's financial industry by a vote of 228-205.

*** UPDATE *** Of the House's 235 Democratic members, 140 voted in favor of the bailout, 95 against. Of 199 Republicans, only 65 voted "yea."

From NBC's Domenico Montanaro
Obama camp has an ad of its own going up on national cable, according to a campaign release, that hits McCain on CEO golden parachutes and invokes economic adviser Carly Fiorina. Fiorina is a former CEO of Hewlett Packard, who received multi-million dollar compensation when she left the position.

"Last week, another bank went under. But its CEO could walk away with $19 million," an announcer says. "John McCain's advisor, Carly Fiorina -- the fired CEO who left with $42 million. Barack Obama says it's got to change, demanded any Wall St. bailout restricts CEO pay."

There has been some dispute as to the amount of Fiorina's severance package. In fact, the New York Times article from Feb. 12, 2005, cited in Obama's ad, notes that Fiorina "will receive a severance package worth about $21.4 million, and stands to gain at least $21.1 million more. The additional amount reflects the estimated value of her pension, stock options and Hewlett stock holdings, which the company did not include in her severance package."

The way it breaks down: $14 million in severance pay, an additional $7.38 million "bonus for meeting certain performance goals." HP also "agreed to pay her $50,000 for legal, financial and career counseling and will continue her health and personal security benefits for about a year." And: "Ms. Fiorina also received restricted grants of about 826,000 shares during her tenure, that along with her other Hewlett holdings, now have a market value of $18.2 million. In addition, Ms. Fiorina will receive a pension of at least $200,000 a year that was not included in the company's severance calculations. The pension could be worth at least $2 million, compensation specialists said. She will also keep her computer, receive technical support for three months, and have access to a secretary for six months."

Fiorina has been notably absent from what had been a highly visible role as a surrogate, since she said neither Palin nor McCain (nor Obama or Biden for that matter) were qualified to run a major corporation.

From NBC's Carrie Dann
The newest in MoveOn.org's "My Friends" series - an ad campaign knocking McCain's advisers and associates - takes on the Arizona senator over his advisors' role in the dergulation leading up to the Wall Street crash.  The bill slams deregulator Phil Gramm and former Freddie/Fannie lobbyist and McCain campaign manager Rick Davis.

But the Number One "friend" targeted in the new spot is none other than George Bush, and the crime is his bailout proposal  --  which both Obama and McCain have guardedly endorsed.

*** UPDATE *** RNC spokesman Alex Conant sent on this response when the ad was first unveiled last week: ""Barack Obama's liberal allies are launching a partisan attack at the precise moment we should be putting politics aside and working to solve the problem. These sorts of false attacks by special interest groups are part of what's wrong with Washington."

"John McCain's friend George Bush wants hard-working Americans to write the biggest blank check in history," says the ad's narrator. 

Both presidential candidates urged for the bill's passage over the weekend, offering measured support for the compromise legislation reached on the Hill early Sunday morning.

Calling the bailout bill "outrageous," the ad concludes that "Americans shouldn't have to foot the bill for mistakes John McCain and his friends made."

Also among the flurry of ads hitting TV and radio airwaves today is a McCain-Palin response to Obama's accusation - almost uniformly characterized as misleading by fact-checkers - that McCain opposes stem cell research. "John McCain and his Congressional allies fought FOR stem cell research.  They stood up and said stem cell research was too important for you and your family," says the narrator of a new radio ad running in swing states' urban centers.  

John McCain has voiced support for stem cell research, to the dismay of some religious conservatives in his party, but running mate Palin opposes it.

From NBC/NJ's Adam Aigner-Treworgy and NBC's Domenico Montanaro
The McCain campaign seizes on Biden's ropeline flub that the Democratic ticket does not support "clean" coal in new radio ads released in targeted battleground states -- Colorado, Ohio, Pennsylvania and Virginia.

It uses Biden's YouTube moment saying that he's not supporting clean coal to rile up voters.

Obama's energy plan specifically mentions "clean coal" -- "Develop and Deploy Clean Coal Technology" -- as a way to "Create Millions of New Green Jobs."

It's an interesting play, since one of the major problems the Left has with Obama is that he's seen as a coal senator (largely, because Illinois politicians have to be to win downstate Illinois.)

The Washington Post (Jan. 10, 2007): "So why then, environmentalists ask, is Obama backing a law supporting the expanded use of coal, whose emissions are cooking the globe? It seems the answer is twofold: his interest in energy independence -- and his interest in downstate Illinois, where the senator's green tinge makes the coal industry queasy.

"The coal industry praises Obama's reintroduction, with Sen. Jim Bunning (R-Ky.), of the Coal-to-Liquid Fuel Promotion Act of 2007 last week, which would provide incentives for research and plant construction. The industry says the technology, which converts coal into diesel engine fuel, would reduce America's dependence on foreign oil through a new, home-mined fuel that burns as cleanly as gasoline. Environmentalists say focusing on coal does nothing to arrest climate change. Instead, they say, lawmakers should back cleaner alternative fuels and stricter automobile and industrial emissions standards."

And Obama touts his support of the 2005 energy bill, "saying it will help Illinois and start America down the path to energy independence by doubling ethanol use, greatly increasing the availability of E85 ethanol pumps, and investing in combination plug-in hybrid and flexible-fuel vehicles, as well as clean-coal technology."

*** UPDATE *** In response, the Obama campaign provided this 2000 quote from McCain, who told a Senate committee witness for environmental group Sierra Club that "in a perfect world we would like to transition away from coal entirely."

"At a hearing on global warming and reductions in greenhouse gases, Ann     Mesnikoff, Washington Representative for the Sierra Club Global Warming and Energy Program stated, "I think that one can get into the arguments about clean coal, but I think the issue is to transition away from coal use and to do it in a way that is good for the economy." McCain replied, "I would not disagree with you that in a perfect world we would like to transition away from coal entirely. But there is certainly, at least from my understanding, there is a dramatic difference in the effects of the so-called dirty coal in a broad variety of ways as opposed to the cleaner coal." [Senate Commerce, Science, and Transportation Committee, Hearing On Reductions In Greenhouse Gases, 9/21/2000]"

Here's the Colorado script:
ANNCR: Clean Coal is important to America. And to Colorado. For Coloradoans, coal means thousands of jobs. Economic growth. More affordable electricity. For America, coal means energy independence. And clean coal means cleaner air. But Obama-Biden and their liberal allies oppose clean coal.

Listen to Joe Biden.
JOE BIDEN: "No coal plants here in America". "We're not supporting clean coal".
ANNCR: No coal plants in America? No jobs in Colorado? No energy independence for America?

It's no surprise. After all, Obama-Biden and their liberal allies opposed off-shore drilling. Congressional liberals blocked off-shore drilling putting special interests, before our interests.

Obama-Biden and their liberal allies. Too risky for our jobs, our economic future. Paid for by McCain-Palin 2008 and the Republican National Committee.
JOHN MCCAIN: I'm John McCain and I approved this message.

From NBC's Pete Williams
Attorney General Michael Mukasey has appointed a career federal prosecutor to further investigate the firings of nine U.S. attorneys two years ago and determine whether any crimes were committed.

Video: Attorney General Michael Mukasey says he's launching an investigation into whether top-ranking administration officials broke the law when they fired a group of U.S. attorneys. NBC's Pete Williams reports.

Mukasey's action follows this morning's release of a 300-plus page report on the firing saga, which resulted in the resignation of former attorney general Alberto Gonzales and several of his deputies.

"At a minimum, the process by which nine U.S. attorneys were removed in 2006 was haphazard, arbitrary and unprofessional and the way in which the Justice Department handled those removals and the resulting public controversy was profoundly lacking," Mukasey said. But he said today's report leaves many questions unanswered. He wants the career prosecutor to look further into the firings and decide whether anyone should be prosecuted.

One reason the inspector general was unable to get all the answers is that his office has no subpoena authority.

*** UPDATE *** Senior leaders of the Justice Department were "remarkably unengaged" in the process that led to the firing of nine federal prosecutors in 2006, says a report out this morning from the department's inspector general.

Instead, the process was designed and carried out by an aide to former Attorney General Alberto Gonzales. It allowed partisan political considerations to be an important factor in several of the firings, most troublingly in the case of the U.S. attorney in New Mexico, David Iglesias, who was booted after complaints from Republican politicians and party activists, the report says.

Once the firings became a public controversy, the explanations for the removals from Gonzales and others were "inconsistent, misleading, and inaccurate." But because investigators were unable to subpoena former DOJ officials, they recommend that a career federal prosecutor look into whether any crimes were committed by the firings, which the current attorney general today agreed to do. 

Gonzales, the report finds, delegated the entire project to one of his senior DOJ aides, Kyle Sampson, and provided little supervision or direction. Once a decision was made to fire "underperforming" US attorneys, Gonzales never talked with Sampson about what factors to use in evaluating the prosecutors -- never even asking what the reasons were when he approved the eventual firing list. 

When asked about it later, Gonzales said he remembered almost nothing about it, not even a meeting in his office to talk about it. 

"This was," the report dryly notes, "not a minor personnel matter that should have been hard to remember." His claim to have forgotten most of it is "difficult to accept," the report says.

From NBC's Mike Viqueira and Carrie Dann 
The situation on the Hill remains incredibly fluid, with administration officials and GOP leaders pounding the marble floors of the Capitol to shore up support for the bailout legislation. Republican House leaders, despite their own distaste for the bill, are whipping their members in the effort to get the votes needed to pass it as the clock ticks.  And there's there's an added sense of urgency: With the Jewish holidays fast approaching, practicing members from the West Coast need to be back on home turf by sundown. 
 

The best estimates right now indicate that Republicans will garner about 70 votes in support of the bailout, less than half of the 199 GOPers in the House.  Congressional Democrats are more optimistic, predicting that a majority of their 235 members will eventually climb aboard.

From some skeptics, scatological references abound. Minority Leader John Boehner, despite asking members to hold their noses and sit down at the bailout table with him, told colleagues that the bill is a "crap sandwich."   Rep. Paul Broun (R-GA) rose on the floor to compare the bill to " a huge cow patty with a marshmallow stuck in the middle of it."
 
But more serious rhetoric remains plentiful as well. For a sense of how Congressional leaders are viewing the history attached to the vote they'll cast within hours, look no further than retiring 12-year House veteran Rep. Chip Pickering of Mississippi, who calls the bailout bill a "legacy" vote on par with members' decisions on the authorization of the Iraq war and on President Bill Clinton's impeachment.  And Rep. Mike Pence (R-IN) said that passing the bill would lead to a "Leviathan state," concluding soberly that, "Duty is ours. Outcomes belong to God."

Stay tuned... the clock continues to tick and the gavel falls in less than two hours.

From Chuck Todd, Mark Murray, Domenico Montanaro, and Carrie Dann
*** A shift towards Obama: As the slew of recent national and state polls suggest, our new map reflects a shift in Obama's direction. Four new states have been added to our Toss-up category: three red states (Florida, Indiana, and North Carolina) and one blue state (Pennsylvania). This gives Obama a 212-174 edge, after his more narrow 233-227 lead last week. What's interesting about these shifts is that while Obama is showing an improvement in fast-growing states (CO, FL, NV, NC, VA), he can't seem to put away the Northern tier states of slow-growing states (MI, PA, WI) or make progress in what some believe is still the all-important state of OH. BTW, how is it that, nationally, Obama's numbers are going up but he's struggling in big states like MI, PA and OH? Is this about Obama's inability to make the sale with older white voters? If he can change the electorates in these Southern and Western states, he can afford to lose two of those three industrial states, but it puts more pressure on him to win two of the following three: FL, NC and VA.
 
Likely Obama: CA, CT, DE, DC, HI, IL, ME, MD, MA, NY, RI, VT (157 electoral votes)
Lean Obama: IA, MN, NJ, NM OR, WA (55 votes)
Toss-up: CO, FL, IN, MI, NV, NH, NC, OH, PA, VA, WI (152 votes)
Lean McCain: MO, MT (14 votes)
Likely McCain: AL, AK, AZ, AR, GA, ID, KS, KY, LA, MS, NE, ND, OK, SC, SD, TN, TX, UT, WV, WY (160 votes)

*** Hoosier toss-up: The most surprising move in our map is Indiana, a state that no one believed was a new battleground -- even when Obama's team was first laying out its 25-30 state strategy. Indiana, in fact, is probably the surprise of the cycle. It's a state that probably is somewhere BETWEEN Lean McCain and Toss-up, but because the state's poll numbers look more like a Toss-up state than a Lean McCain state, we're tipping it into the Toss-up category for now, especially since the RNC has decided to ad the state to its TV buy list.

*** Could election night end at midnight: With the Toss-up list expanding at this point in the campaign, it gives the opportunity for either candidate to end up winning somewhat comfortably in the Electoral College. In the last two elections, the candidates basically split the final Toss-up states in half. Two weeks ago, we appeared to be on a similar trajectory. Today, that doesn't seem to be the case. The one thing the public may have learned about the candidates is that the two have VERY divergent worldviews. There's a bright line between these two candidates; it's not a case where both are trying to blur their views.

*** Bill is back … back again … Bill is back … tell a friend:

The 42nd president did it again: He's put into doubt how much he really supports Obama. His non-response about whether Obama -- like McCain -- was a "great man" made some wonder if Meet The Press was running the Darrell Hammond SNL parody yesterday rather than the actual Bill Clinton. Seriously, watch Hammond and Clinton side-by-side on the issue of Obama, you can't make it up.

*** Losing the mo': At the end of August, it appeared McCain had the momentum in the presidential race. And a month later? Well, just look at today's rough day for McCain in the op-ed pages. Left-leaning EJ Dionne declares that the Arizona senator lost the month of September; Paul Krugman (normally left-leaning but hardly an Obama fan) writes that McCain "scares me" if the next president has to answer a 3:00 am phone call on the economy; Fareed Zakaria bluntly says that Palin isn't qualified to be VP; and even McCain friend Bill Kristol admits that McCain "is on course to lose the presidential election." So how does McCain get his groove back? Whenever the pressure's been on McCain to change the trajectory of the race, he's figured out a way -- so get ready for a wild week. We're guessing lots of stuff is going to get thrown on the wall to see what sticks. Kristol, perhaps the most listened to of the McCain backseat drivers, even suggests (among other things) playing the Jeremiah Wright card.

*** Do we have a winner? On Friday night, it wasn't clear who won the debate. For as many people who thought McCain won, there was a smart analyst who picked Obama. But three days later, it's McCain -- as we mention above -- who's dealing with how-does-he-turn-things-around? stories, not Obama. And it's Obama who is receiving a poll bump. We're not fans of insta-debate polls, nor weekend tracking polls. But every single one of them shows movement in Obama's direction. Could it be that voters were judging Friday night's debate in the is-he-ready? prism? It's the most logical explanation for the Obama bump, even when arguably, on a point-by-point scoring system, McCain may have gotten the best of Obama on debate night.

*** It's Palin's week, we're just lucky to cover it: Palin's political future is on the line this week. This isn't about Palin performing well enough at the debate to stop the conservative chattering class from wringing its hands; this is about Palin's future national prospects period. Three weeks ago, she was being called the next Reagan. Now the campaign would be satisfied if she could at least be compared favorably to Quayle. But those are "treading water' expectations.

Video: With Obama and McCain having tussled over economic and foreign policy in their first debate, Sarah Palin now faces scrutiny for her grasp of the same issues in her upcoming forum with Joe Biden. NBC's Andrea Mitchell reports.

If she's got true ambition to be the future leader of the Republican Party, she's got to pull out of this perception tailspin and fast. Perhaps it is getting close to being too late: With SNL, Tina Fey, and now the conservative elites, the concrete is drying around Palin's feet. The good news for her is that a record number of people apparently want to watch her debate Joe Biden. She'll have a good chunk of folks watching the debate who are downright rooting for her to not to screw up. A poor performance at the debate and not only will Palin start becoming a true liability for the McCain campaign, she'll damage her ability to transition into a national leader.

*** Four out of five experts agree…: Whatever happens Thursday, you'll know it's a good night for her if a viewer can easily ascertain an issue Palin appears to be an expert on. The campaign wants her to be the energy person, but they've actually done little to reinforce her credentials. She hasn't spent time at key energy symbols (oil rigs, nuclear plants etc.), nor has she spent time with energy reporters. Today is only a taste of the Palin backseat driving the campaign is going to be dealing with in the run-up to Thursday.
 
*** On the trail: McCain and Palin hold a rally in Columbus, OH. Obama campaigns in Denver, CO. And Biden is down in Wilmington, DE.
 
Countdown to the vice presidential debate: 3 days
Countdown to the second presidential debate 8 days
Countdown to the third presidential debate: 16 days
Countdown to Election Day 2008: 36 days
Countdown to Inauguration Day 2009: 113 days
 
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Congressional leaders reached a deal on the $700 billion bailout package. The House will vote on the measure today, and the Senate will likely go on Wednesday. Both McCain and Obama suggested that the back the compromise legislation.

The New York Times on the deal: "All sides had to surrender something. The administration had to accept limits on executive pay and tougher oversight; Democrats had to sacrifice a push to allow bankruptcy judges to rewrite mortgages; and Republicans fell short in their effort to require that the federal government insure, rather than buy, the bad debt. Even so, lawmakers on all sides said the bill had been significantly improved from the Bush administration's original proposal."

"The final version of the bill included a deal-sealing plan for eventually recouping losses; if the Treasury program to purchase and resell troubled mortgage-backed securities has lost money after five years, the president must submit a plan to Congress to recover those losses from the financial industry. Presumably that plan would involve new fees or taxes, perhaps on securities transactions."

Politico forecasts today's vote in the House: "House Republicans are at the center of the storm, with conservatives in open rebellion. But Democrats have their own defections, and within hours of the agreement, the leadership was already highlighting the bill's promise to crack down on Wall Street pay, mitigate foreclosures and even allow Congress to cut off funding at $350 billion."

Newsweek's Meachum and Thomas write about how the two candidates reacted last week. "The temperaments of the two candidates both have virtues, both vices. History can belong to the bold—to the Churchills and the Reagans, to men who stand when others sit or surrender, to men who seem to move through the world to a soundtrack of trumpets. But history also belongs to the careful, and to the prudent. Churchill needed FDR's caution and his competing intellectual understanding of the war and of the world that was coming into being; Reagan required George H.W. Bush's grasp of diplomacy and sense of balance to complete the end of the cold war and create a new (and, for Bush 41 and for Clinton, successful) model for American military action in a post-Soviet world."

The New York Times also does the temperament story, saying that both candidates were themselves. "Mr. McCain, who came of age in a chain-of-command culture, showed once again that he believes that individual leaders can play a catalytic role and should use the bully pulpit to push politicians. Mr. Obama, who came of age as a community organizer, showed once again that he believes several minds are better than one, and that, for all of his oratorical skill, he is wary of too much showmanship."

"For Republicans, Mr. McCain's performance proved mixed, however. His quick call to fire the chairman of the Securities and Exchange Commission, then his decision to suspend his campaign and return to Washington even though he lacked an alternative to the bailout, risked making him look impetuous in a moment of crisis… For Democrats, the episode was one more reminder that Mr. Obama was more analyzer-in-chief than firebrand -- though in this case, they gave him high marks for his style. Still, given concerns among Americans about the economy, Mr. Obama risked seeming too cool and slow to exert leadership." 

"This is something that all of us will swallow hard and go forward with. The option of doing nothing is simply not an acceptable option," McCain said. Obama said he was inclined to back it "because I think Main Street is now at stake." 

Neither nominee, per Politico, has committed to come back to DC to actually cast a vote on this plan.

"Obama [on Saturday] called Republican rival John McCain out of touch with middle-class Americans, telling supporters that the GOP senator never once uttered the words 'middle class' during their first debate," the AP writes. "'Through 90 minutes of debate, John McCain had a lot to say about me, but he didn't have anything to say about you,' Obama told a cheering crowd at the J. Douglas Galyon Depot in downtown Greensboro. 'He didn't even say the words 'middle class.' He didn't even say the words 'working people.'"

"A pair of one-night polls gave Barack Obama a clear edge over John McCain in their first presidential debate."

But both candidates were a little fast and loose with the facts. The Boston Globe has a (lengthy) fact check on both.

The Boston Globe's Canellos scores the debate for Obama. "McCain … tried hard to make the first presidential debate a test of Barack Obama's fitness for office. McCain succeeded in his framing of the test - but Obama passed it… But with the majority of the debate focused on foreign policy - where McCain's superiority was assumed, and Obama's vulnerability was greatest - the lack of a clear winner benefits Obama more than McCain."

The Des Moines Register's Yepsen says McCain won the debate. "It was one of the most substantive debates in recent presidential campaign history and John McCain won it. The Arizona senator was cool, informed and forceful in Friday's first presidential debate of the general election campaign. He repeatedly put Barack Obama on the defensive throughout the 90 minutes session. Obama did little to ease voter concerns that he's experienced enough to handle foreign and defense policy.  That was his number one task Friday night and he failed."

Is the pressure on McCain again to figure out a way to change the subject this week? The Washington Post's Balz and Murray write, "The burden now falls on Sen. John McCain to reverse the effects of the focus on the economy, and to keep the contest close enough so that a dominant debate performance, a gaffe by Obama or some outside event can shift the momentum back to him. Although Friday's debate in Oxford, Miss., produced no outright winner, strategists in both parties said the coming weeks, which will include three more debates -- two between McCain and Obama and the third between vice presidential candidates Gov. Sarah Palin and Sen. Joseph R. Biden Jr. -- could be decisive in determining whether the election remains on a trajectory favorable to Obama or shifts back toward too-close-to-call status."

More: "'The first lesson of this campaign, going back to 2007, is not to be panicky or reactive to poll numbers,' said McCain senior adviser Steve Schmidt. 'A few weeks back, we had a clear lead, albeit a narrow one, and there were a lot of people on the Democratic side haranguing the Obama campaign in the sense of panic. We always understood not only would that lead dissipate but bounce back the other way and then bounce back again.'"

Also: "Schmidt said the campaign will press two arguments as forcefully as possible in the coming days. One is that Obama is not ready to be commander in chief and that, in a time of two wars, 'his policies will make the world more dangerous and America less secure.' Second, he said, McCain will argue that, in a time of economic crisis, Obama will raise taxes and spending and 'will make our economy worse.'"  

Los Angeles Times also wonders how McCain gets back on track. "McCain returns to the trail today after a dramatic but rocky four-day detour that upended his campaign, upset supporters and gave new ammunition to critics who question his judgment. McCain will appear at a rally in Columbus, Ohio, in hopes of regaining the momentum he lost when he abruptly canceled campaign events and returned here Thursday to try to broker a $700-billion bailout of the crippled financial industry."

McCain friend Bill Kristol writes that McCain appears headed for defeat in November. "He has a chance. But only if he overrules those of his aides who are trapped by conventional wisdom, huddled in a defensive crouch and overcome by ideological timidity. Among his suggestions, Kristol recommends that McCain go after Obama for being a liberal and that he play the Jeremiah Wright card. 

CBN's Brody reports on the DNC's efforts to take advantage on the Sunday New York Times story about McCain's ties to the gaming industry.

Here's that Times story: "Mr. McCain portrays himself as a Washington maverick unswayed by special interests, referring recently to lobbyists as "birds of prey." Yet in his current campaign, more than 40 fund-raisers and top advisers have lobbied or worked for an array of gambling interests -- including tribal and Las Vegas casinos, lottery companies and online poker purveyors."

The New York Post picks up on Bill Clinton's interview on Meet The Press, in which the former president could not bring himself to call Obama a "great man," as he did with McCain. His biggest praise for the Democratic nominee was: "I think Senator Obama has shown a remarkable ability to learn and grow in this campaign. He always was highly intelligent and always a very good politician."  

Speaking of Bill Clinton, he'll be campaigning in Florida for Obama on Wednesday. 

The Boston Globe's Carroll writes: "Pundits focus on race as the pivotal issue, boiling Obama's problem down to unspoken national ambivalence about an African-American president. That's a factor, for sure, but it's one of three. Psychosocial storms are swirling around the issues of race, gender, and class -- three storms that have become one great hurricane, with Obama uniquely exposed, as if the lashed helmsman of a boat in danger of going under. Race, gender, and class define American identity, but Obama, just by being who he is, directly challenges the core assumptions that undergird each category."

"The mother of a Wisconsin soldier who died in Iraq says she was 'ecstatic' when Democratic presidential nominee Barack Obama mentioned during Friday's debate the bracelet she gave him in honor of her son," AP writes. "Jopek criticized Internet reports suggesting Obama, D-Ill., exploited her son for political purposes. "'I don't understand how people can take that and turn it into some garbage on the Internet,' she said. Jopek acknowledged e-mailing the Obama campaign in February asking that the presidential candidate not mention her son in speeches or debates. But she said Obama's mention on Friday was appropriate because he was responding after Sen. John McCain, the Republican nominee, said a soldier's mother gave him a bracelet."

Newsweek's Fineman gets two strategists to give advice to Biden and Palin. Bob Shrum on Biden: "You don't ever assume your guy knows enough, but in Joe's case, the problem is that he knows so much. You want to work carefully on honing his answers in practice sessions. It's four steps: an assertion, two supporting points and then the finish. Biden also should have a good feel in advance for Palin's answers. She's so new to all this that they have given her a set of lines: 'Surge is working,' 'John McCain is a maverick.' You practice the comebacks."

"Biden needs to be ready for two Sarah Palins: the smiling one and the attacking one. Actually, she is pretty good at doing both at the same time. Joe should not go after her at all, but only after McCain. And while he is doing it, Joe cannot adopt a posture of being aggressive toward her or, worse, condescending. He attacks McCain only on the economy -- the GOP ticket's weakest spot. As he does so, Biden talks about his blue-collar background."

Stuart Stevens on Palin: "She should be very aggressive, but primarily toward Obama. She should try to drive a wedge into the Democratic ticket by playing back Biden's own critical, dismissive words about Obama from the primary season. She would not be well served going after snarky debating points. Voters know she can tweak Obama with her gleeful combativeness. That kind of thing plays better to Republican audiences than to a national one. She shouldn't be delivering lines to the faithful." 

Per NBC/NJ's Mike Memoli, Obama strategist David Axelrod talked about the upcoming Biden-Palin debate. On the preparations: "You prepare like you would for any debate." Says VP debates are "the most difficult" though because "in a vice-presidential debate you gotta think about your own record, the candidate's record, and your opponent's record… This is primarily gonna be a debate about where the principals, the presidential candidates, want to take the country, but there's more to keep track of."

On the fact that Biden seems to have the edge heading into Thursday: "Boy I sure don't -- you know, I don't see it that way. I think that if you go back and look at the debates that Governor Palin's had as a candidate, she's very skilled and she'll be well-prepared."

"Sarah Palin faces the biggest test of her month-old candidacy with this Thursday's vice presidential debate, but many Republicans are already convinced the Alaska governor is not ready for prime time -- and may never be," the New York Daily News says.

Fareed Zakaria doesn't hold back after watching Palin's interview with Katie Couric. "Can we now admit the obvious? Sarah Palin is utterly unqualified to be vice president. She is a feisty, charismatic politician who has done some good things in Alaska. But she has never spent a day thinking about any important national or international issue, and this is a hell of a time to start. The next administration is going to face a set of challenges unlike any in recent memory."

More: "Obviously these are very serious challenges and constraints. In these times, for John McCain to have chosen this person to be his running mate is fundamentally irresponsible. McCain says that he always puts country first. In this important case, it is simply not true."

FLORIDA: Per the Miami Herald: "About 3,200 new voters are in the cross-hairs of Florida's new and controversial 'no-match' law, which could force them to cast provisional ballots on Election Day if officials can't confirm their identities."

INDIANA: Democrats will like this quote from the Indiana GOP communications director, reported in the Muncie Star Press: "Despite spending millions in Indiana on negative advertising, Obama still trails McCain, though it's a lot closer than we'd like to see."

MICHIGAN: "In search of explanations, two Associated Press reporters -- one black, one white -- listened to people of both races along Detroit's divides: Alter Road, which separates the city from the tony Grosse Pointes near Lake St. Clair, and 8 Mile Road, the vast northern border between a mostly black Detroit and its mostly white suburbs. They found people of both races living just blocks apart who nonetheless spoke of each other like strangers. There was suspicion, contempt -- and yet, for many, a desperate hope that Obama's candidacy might be the final step in America's long path to racial equality. For whites, their support of Democratic economic policies forces them to confront their racial prejudices. It is here you meet decent people with much in common -- both sides of 8 Mile Road are populated by blue-collar Democratic families. But many still can't get past their racial differences."

A good headline for Team Obama in the Detroit Free Press this morning.  In a full front-page, above-the-fold spread: "In economic crisis, Obama offers Detroit a message of hope." 

OHIO: Absentee voting starts tomorrow in Ohio. The Obama campaign's plans involve concerts, bus trips, and even airplane-flown banners to advertise the start of early voting. Per the Columbus Dispatch, "Republican John McCain's campaign is more guarded about its plans but said it also is conducting a significant push to get voters to cast absentee ballots as part of a comprehensive get-out-the-vote effort. Although experts say most absentee ballots are cast by partisans or others who have made up their minds and would have voted anyway, the McCain campaign thinks it can attract independents and Democrats."

PENNSYLVANIA: The Boston Globe continues its battleground series. "Sharon, a city of about 16,000 in the Shenango Valley on the Ohio border [in Pennsylvania], is on the front lines in that trade battle, and, after years of dreary economic news, finally won a victory in June… Mercer County leans Democratic and Sharon is overwhelmingly so. But this is Reagan Democrat country. Sharon's population is whiter, older, and less educated than the nation as a whole and the county vote in the last two presidential elections mirrored the national results - Al Gore edged George W. Bush in Mercer County in 2000, but Bush beat John F. Kerry by almost three points in 2004. It is also Clinton country. In this year's Pennsylvania Democratic presidential primary, Hillary Clinton trounced Barack Obama by more than 38 points in Mercer County."

"'I'm a big Clinton supporter; I loved Bill,' said George Bornes, retired president of the steelworkers' local that represented workers in the Sharon plant torn down 16 months ago. Dropping by the corn stand of his former coworker, Terry Ross, Bornes, a self-described 'lifelong Democrat,' Bornes hesitated when asked who he'll vote for in November. After a moment, he said: 'I will stay a Democrat and vote for Obama . . . I can't afford any more of this economy.'"

From NBC's Carrie Dann
In the political message ecosystem, chief campaign communicators repeatedly pledge to "cut through the clutter" with their latest pitch to voters. Often, their audience has already beat them to it, seeking the truths (or untruths) that Yahoo and Google can reveal.

An analysis of search term data compiled for NBC News by the online research company Hitwise shows that people in the digital universe are desperately curious about this year's presidential and vice presidential contenders. What they're looking for says a lot about how the campaigns are — and are not — making their messages stick.

To take one example: Democrats spent the week after the GOP convention desperately trying to debunk Sarah Palin's claim that she said "thanks, but no thanks" to Alaska's famed Bridge to Nowhere. Curious truth-seekers used the web to learn more. About one in every five hundred web searches containing the phrase "Sarah Palin" during that week inquired about the Alaska governor's support for the pork project, making "Sarah Palin Bridge to Nowhere" the 72nd most frequent search term on her list. But ranking far above the earmark investigation in popularity (among the 10 million internet users in Hitwise's sample) were "Sarah Palin legs" (No. 16), "Sarah Palin Vogue" (No. 18), and "Sarah Palin sexy photos" (No. 49).

Read more here about everything web users really want to know about the candidates but were afraid to ask -- anyone except the Internet, anyway.

From NBC/NJ's Matthew Berger
PHILADELPHIA, Pa. -- Palin
ventured out for cheesesteaks Saturday night, taking a break from her
debate prep to get the city's specialty sandwich, wit whiz.

Palin went to Tony Luke's in South Philly, bypassing two better known establishments: Pat's, where John Kerry
asked for a cheesesteak with provolone in 2004, and Geno's, which has
run afoul of local groups for a sign on its exterior demanding patrons
order in English.

Palin ordered a cheesesteak for herself and daughter Willow, with Cheez
Whiz and fried onions. She told a pool reporter she watched Friday's
debate.

"McCain did awesome," she said. "He was great. He was absolutely on his game."

She also said she was excited for her debate with Biden on Thursday.

"Look forward to it," she said. "Look forward to getting to speak to Americans through that debate, absolutely."

Palin spoke to one patron's friend on his cell phone, and answered a couple of questions on Pakistan from another. Michael Rovito asked her specifically whether U.S. forces should cross the border from Afghanistan to Pakistan.

"If that's what we have to do stop the terrorists from coming any further in, absolutely, we should," she said.

As she placed her order, the woman behind the counter instinctively asked her name. When Palin answered "Sarah," she looked up with a straight face for a moment and then cracked up laughing, according to a pool report.

On Pakistan, McCain had to answer for them on ABC's This Week. "This business of, in all due respect, people going around and -- with sticking a microphone while conversations are being held, and then all of a sudden that's -- that's a person's position, this is a free country, but I don't think most Americans think that that's a definitive policy statement made by Governor Palin," McCain said. "And I would hope you wouldn't, either."

From NBC/NJ's Adam Aigner-Treworgy
McCain addressed the U.S. Sportsmen's Alliance via satellite last night after canceling his trip to Ohio to stay in D.C., where he said he would work on the bailout legislation in Congress. But he didn't visit the Hill yesterday and did all his senatorial work on the legislation over the phone from his headquarters in Arlington, Va.

After apologizing for his absence, McCain went after Obama on his record on gun control and support for hunters and fishermen. This included a hit on a survey Obama filled out as a state senator and his "bitter" comments in San Francisco.

He also made a brief reference to the debate Friday and played the McCain campaign's talking point about Obama not mentioning the word "victory" once.

Obama was campaigning in North Carolina and Virginia yesterday.

From NBC/NJ's Athena Jones and Mike Memoli
DETROIT -- While celebrating the apparent deal reached on Capitol Hill on a bailout bill to stem the crisis on Wall Street, Obama compared his rival's initial response to the crisis to the Bush administration's handling of Hurricane Katrina.

Obama told the crowd gathered outside a Detroit public library that it was an "outrage" that the government was being forced to clean up the mess on Wall Street, but said a bailout was necessary to avert a deeper crisis.

"Today, thanks to the hard work of Democrats and Republicans, it looks like we have a rescue plan that includes these taxpayer protections. It looks like we will pass that plan very soon," he said, adding that he and Biden would continue to fight for passage of an economic stimulus plan to help struggling families.

"I will fight every day of this campaign and every day of my presidency to make sure a crisis like this never, ever happens again," he continued, part of his effort to portray himself as a "fighter" and a champion for working families.

The campaign has said Obama would go to Washington if needed, with Press Sec. Bill Burton telling a television interviewer this morning the senator would "definitely be back if his vote is needed and, you know, he probably will come." Obama himself said earlier this week that it was his sense that it could be necessary for both candidates to be present to vote on the bill because of the delicate nature of the negotiations and the controversy that has surrounded how the legislation would be structured.

Taking his campaign's efforts to paint McCain as erratic, out of touch and unable to lead on matters of the economy a step further, Obama compared McCain to the man both senators hope to replace, President Bush.

"I think Sen. McCain just doesn't get it. He doesn't understand that the storm hitting Wall Street hit Main Street long ago," he said. "That's why his first response to the greatest financial meltdown in generations was a Katrina-like response. He sort of stood there, said the "fundamentals of the economy are strong." That's why he's been shifting positions these last two weeks, looking for photo-ops, trying to figure out what to say and what to do."

It was the second day in a row that the senator campaigned with running mate Joe Biden. The pair were joined in this battleground state, where polls show Obama leading, by their wives Michelle Obama and Jill Biden.

Speaking before the Illinois senator, Biden echoed Obama's critique of McCain for "lurching" between positions on the economy.  "Now John expects us to believe he's the man to protect us from the greed and excesses of Wall Street, that he's the new maverick regulator in town," Biden said. "You know, the problem is that John didn't see the light. John saw the polls."

Both Biden and Obama urged those in the crowd, which the campaign put at 35,000, citing the sheriff, to go out and register others to vote in the next week before voter registration in the state closes.

"If every single one of you, go out and find one more person or two more people to register think about what that could do, that could be the difference maker here in Michigan," Obama said near the beginning of his remarks. "We need you guys. Go out there and get folks registered in the next week! Take one of these packets and work on behalf of democracy."

What follows is a timeline of the events on Capitol Hill from last
night to this afternoon as the bailout negotiations to tentative deal
took place from our House producer Mike Viqueira.

From NBC's Mike Viqueira
WASHINGTON --
SATURDAY, 9:30 PM
Negotiations continue on the House side of the Capitol this evening.
This is a full-on negotiation, with breakout groups and members and
staff shuttling in and between the suites of Pelosi and Boehner, situated on opposite sides of statuary hall.

Sen. Conrad just took a meandering walk around the Capitol's
second floor, followed by a swarm of reporters. Not much to report,
although he did say that outside experts, including Warren Buffet, were being consulted by telephone. He says new proposals were being considered, debated, and vetted by the group.

Conrad was visibly tired, and repeatedly described the work as tedious.
He would give no indication of when it might be finished, asserting
that deadlines were counterproductive. He described the atmosphere
inside the room as good, without an undue amount of argument.

At this point there is no way to know how long this will go on. If
Pelosi gets her wish, and there is to be a bill on the House floor by
Sunday night or Monday morning, it appears that we are in for a very
late, wee hours kind of affair here this evening. That's because even
if there is a deal made at some point before dawn, it still must be put
into legislative language and bill form. That takes time.

SUNDAY, 1:41AM
Got a background briefing from an administration official with general details on agreement.  But first, be mindful:
-- The deal will be on the House floor MOST LIKELY ON MONDAY MORNING,
if everything goes as hoped. They want to put it out on the Internet
for a while. They wanted it on the Web for 24 hours, but with the
writing of it overnight and into the morning and the fact that they
have a noon Monday deadline, so members can get back for Rosh Hashanah
means it might be less than the full 24. Bottom line. Vote on House
floor most likely Monday morning.
-- Remember, we heard Blunt say that "we need to look at it on paper...and we will be talking to our colleagues." We can assume that GOP leadership will now push their members to support it, but there will remain a hard core who will not. Nevermind them. They might end up being 50 die hards. As long as Boehner and Blunt can get a significant number of house GOP and support it themselves, it will happen. Blunt would not have come out there if he didn't think he could sell it.
-- The thing that Pelosi came up in the last hour of negotiations may be a little overblown by Dems, if you listen to Republican version: she merely proposed that the transaction fees to cover shortfalls on the assets that the government takes over -- the idea that was floated earlier in the evening -- not be set as law, but instead, have the secretary look at any shortfall after five years and then decide whether or not to PROPOSE a fee on that company.

Details of the plan (as described by a senior administration official):
-- It is a $700 billion figure. It comes in two tranches: $350 billion and another $350 billion. The second tranche would require presidential notification of Congress, which would then have 15 days to hold a vote to disapprove of the additional money -- even if congress were to vote to disapprove, the president could still veto that. Congress could then vote to override.
-- The official thinks that the program can be up in running in a matter of months, if not weeks.
-- The government can acquire bad assets though auction or a "one-off" acquisition. In either case, the taxpayer would have warrants. Any equity position the government holds is non-voting. And there is no proxy access to boards.
-- There are limits on executive pay. Those limits are more stringent for "bad actors" whose companies have failed, etc.
-- The bill mandates the creation of an insurance program for "any troubled asset," not just MBS (the bill does not require the secretary to actually use the program). This is the key component of the House Republican plan.
-- The housing fund that Republicans despised is out
-- The bankruptcy "cram down" provision favored by Barney Frank is out.

SUNDAY, 12:41 PM
Here are the moving parts on the Hill today:
-- The House comes in at 1pm for inconsequential legislation.
-- 1:30 or so: GOP meets in conference, closed door.
-- 2 pm Senate Republican conference call.
-- 3ish...Senate Republican presser, featuring Judd Gregg
-- 4ish and very soft: Congressional leaders presser

Also: At some point, House conservatives will closed-door caucus. And at some point House Dems will caucus.

As you may know, the most likely scenario, if things do not go South during the course of this day, is that the bill will be on the House floor late morning or noonish tomorrow – Monday. It is also going to be posted on the Financial Services Committee Web site when there is sign off on the formalized bill language. That has not happened yet.

SUNDAY, 1:26 PM
The house GOP will hold their closed door meeting later this afternoon, likely to begin sometime in the 4 hour. It is unclear what this means for joint Congressional presser timing.

SUNDAY, 2:22 PM
NBC News confirms that the Senate is not likely to vote until Wednesday. We are told that it is a schedule issue, not a substance issue. Here's why: the House is not expected to vote until late morning tomorrow. If it passes, it goes to the senate.

The senate being the senate, if any one of the 100 senators doesn't want something to sail through, that senator and his like-minded colleagues can gum things up. So if Jim Bunning, for example, doesn't want to bring it to the floor, wave hands over it on Monday after it comes from the House, and bada bing bada boom it passes, then that isn't what is going to happen.

Given the fact that Jewish members must be home by sundown on Monday night, and given the fact that this isn't going to be passed by the Senate without at least some debate, that means that it waits until Wednesday at the earliest. The Senate is out Tuesday for the holiday.

But remember: the Senate isn't where the problem is likely to be, if there is one. Listen closely to Gregg at his presser and see if he thinks it has substantial Republican support in the Senate -- it does.

SUNDAY, 3:32 PM
Things are lurching forward here, but the schedule is in flux... House Dems will caucus behind closed doors at 5. It usually lasts a little more than an hour. This one might be longer.

Republicans will do the same likely at same time. Same drill. Importance: If we see Boehner and Blunt come out and endorse the deal, however reluctantly, then we can be more assured -- but not guaranteed -- of a vote going forward and that it will pass the House on Monday, which is still the most likely scenario.

Barney Frank just told me in the hall that the writing of the bill is almost done. It will be posted on the Web when it is done, he said.

An appearance by Congressional leaders may or may not happen, depending on how late it gets and other factors. In any event, it is possible that you won't see Boehner or Blunt with them when and if they do show.

Also, from NBC's Tom Costello...
SUNDAY 3:31PM
From Senator Judd Gregg (R-NH): He expects the House AND THE SENATE to each vote on the emergency bailout MONDAY. He says he understands the need for members to get home for the Jewish Holiday, but this is critical to the country.

"The downside of NOT doing this is such a catastrophic scenario that we don't even want to think about it!"

From NBC's Domenico Montanaro and NBC/NJ's Adam Aigner Treworgy
The campaigns both cut ads after the debate. McCain doesn't use footage of the debate (Obama does), but his uses a topic that was talked about at the debate -- troop funding. It also uses Biden's words about troop funding from the primary. But as nonpartisan groups have pointed out, and Obama said Friday, McCain also urged the President to veto a funding bill because it included a timetable for withdrawal.  (FactCheck.org and Politifact have more on the candidates' debate truth flubs.)

Obama's highlights McCain not using the word "middle class" -- something Obama camp was pushing after the debate. (See other word counts, including this one, here.)

From NBC's Domenico Montanaro
Forbes: "Key lawmakers in Congress have reached a tentative agreement on a bailout proposal that they expect to roll out to their colleagues for final approval Sunday morning."

Paulson announced the deal after midnight in Washington.

AP on the deal on the $700 billion bailout: "The measure would allow the government to buy defaulted mortgages and other distressed housing-related assets, many of them held by Wall Street banks, in an effort to keep the worst financial crisis since the Great Depression from spreading throughout the entire economy."

Forbes on the details: "The bailout, to be financed by government bonds, includes provisions to limit executive compensation for the firms that are being bailed out, an equity stake in those firms for taxpayers, an oversight board to account for the bailout process, and a measure to help prevent mortgage foreclosures. The $700 billion will be doled out in tranches of $250 billion immediately, $100 billion upon the approval of the president and $350 billion upon the approval of Congress. Lawmakers also said there is language in the plan to allow the government to recover some of the money it is spending to buy troubled assets, as well as a provision that allows firms to buy insurance for toxic securities--something House Republicans had requested."

AP also notes that Obama and McCain "gingerly embraced" the deal and also "sought to take at least partial credit for the outcome."

From NBC's Domenico Montanaro and Lauren Appelbaum
The Obama campaign has put out a fundraising appeal, sure to make its base's collective mouth drop.

"You'll see one of two things when you look at the television on the night of November 4th. Your donation of $5 or more while we still have time can help ensure one possible outcome."

It shows McCain winning the presidency, using past NBC election footage from 2004 and McCain's introducing Palin as his VP, and editing over graphics showing him winning the Republican primary to show him as the 44th President of the United States.

This is designed to create a sense of urgency among Obama voters, not to mention raise cash. Obama camp has ramped up get-out-the-vote efforts in key states like Virginia, calling would-be supporters to volunteer and bring laptops to local offices. In Maryland, for example, there is a focus on canvassing in Virginia and phone banking.

Remember New Hampshire might be another message. One of the possible reasons, explored by some, of many combining factors for Obama's loss in the Granite State -- despite polls in the run-up showing Obama ahead of Clinton -- was voters who thought Obama had it wrapped up and didn't go out to vote.