[164]: 411–414  Publicly, Obama strategist David Axelrod said Biden's high popularity ratings had outweighed any unexpected comments.[177]
As the financial crisis of 2007–2010 reached a peak with the liquidity crisis of September 2008 and the proposed bailout of the United States financial system became a major factor in the campaign, Biden voted for the $700 billion Emergency Economic Stabilization Act of 2008, which passed in the Senate, 74–25.[178] On October 2, 2008, he participated in the vice-presidential debate with Palin at Washington University in St. Louis. Post-debate polls found that while Palin exceeded many voters' expectations, Biden had won the debate overall.[179] Nationally, Biden had a 60% favorability rating in a Pew Research Center poll, compared to Palin's 44%.[174]
On November 4, 2008, Obama and Biden were elected with 53% of the popular vote and 365 electoral votes to McCain–Palin's 173.[180][181][182]
At the same time Biden was running for vice president, he was also running for reelection to the Senate,[183] as permitted by Delaware law.[86] On November 4, he was reelected to the Senate, defeating Republican Christine O'Donnell.