Bailout Pact Appears Near

Consensus emerges ahead of candidate meeting
By Kevin Spak,  Newser Staff
Posted Sep 25, 2008 10:52 AM CDT
Democratic Senators Harry Reid and Chris Dodd talk to reporters following their meetings yesterday with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.   (AP Photo)
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(Newser) – Congressional leaders seem close to an agreement on the bailout bill, following a flurry of late-night activity, the Wall Street Journal reports. Democrats want to have all their ducks in a row before Barack Obama and John McCain meet with President Bush this afternoon, to ensure McCain gets no credit for the bill. Details remain scarce, but it appears government help will come with strings attached.

In addition to limits on executive pay, the government could also receive warrants that would allow it to acquire shares of the companies. The final bill will also include congressional oversight via the Government Accountability Office. Democrats have mostly reached a consensus, the New York Times adds, but Republicans aren't expected to voice agreement until after McCain arrives.