Breaking! Agreement Reached on Bailout
Members of both parties are holding a press conference to announce they have reached an agreement, at least in principle, on the proposed bailout.
From the Associated Press:
Warned that time was running short to bolster the distressed economy, congressional Republicans and Democrats reported agreement in principle Thursday on a $700 billion bailout of the financial industry, and said they would present it to the Bush administration in hopes of a vote within days.
Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., said, "We are very confident that we can act expeditiously."
"I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president," said Sen. Bob Bennett, R-Utah.
Update: A note of caution as this is an agreement in principle. Until the specifics are down on paper and the paper is signed, it is not final. I am hearing discussion that is troubling. The politics of the election could still derail this thing. The race to take credit may be getting in the way now and there are some items still on the table that could throw a wrench into this tentative agreement reported this morning.
Here is a slideshow of the various buildings in D.C. where officials have been meeting to hammer out the details on the proposed bill for a $700 billion bailout.