Reid Blames McCain for Bailout Breakdown

Senate Majority Leader Harry Reid laid the blame for the lack of a bailout plan squarely at the feet of Sen. John McCain by saying the insertion of presidential politics has not been helpful.

Reid said that train came off the tracks after one senator, who is not normally here, decided to show up.

Here is a transcript of Reid's remarks:

"It's time -- the time is now for House Republicans to come to the negotiating table and for presidential politics to leave the negotiating table.

The insertion of presidential politics has not been helpful. I repeat: The insertion of presidential politics has not been helpful. It's been harmful.

A few days ago, I called on Senator McCain to take a stand, let us know where he stands on the issue, on this bailout. But all he has done is stand in front of the cameras. We still don't know where he stands on the issue."

These comments come after House Speaker Nancy Pelosi made similar comments about McCain on ABC's "Good Morning America." “He hasn't been involved in this, and now as there's some discussion about putting this off, I don't think that we can do that. I think Senator McCain's involvement is sort of a blip.”

In describing the financial crisis, Reid said, "this is a problem created by Repubilcans."

He also said that Treasury Secretary Henry Paulson and Fed Chairman Bernake need to be more realistic in crafting a plan.