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Deal Reached on Bailout

Posted Sep 28, 08 5:08 AM CDT in Politics,  Business 

(Newser) – Congress and the Bush administration have agreed on a preliminary plan for the $700 billion bailout bill, Washington leaders said after emerging from talks after midnight this morning. Though details need ironing out, “I think we're there,” announced Treasury Secretary Henry Paulson. Work was to continue with a vote possibly as soon as tomorrow, the Washington Post reports.

Both sides made concessions in what could be the biggest bailout in US history, the New York Times notes. The plan contains limits on executive pay for participating companies by shrinking tax deductions if the execs’ salaries top $400,000. The government will hold equity stakes in some companies so that taxpayers stand to profit from the bill if the bailout is a success.
Sources: Washington Post, New York Times

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Speaker of the House Nancy Pelosi, Secretary of the Treasury Henry Paulson, right, Senate Majority Leader Harry Reid, second left, and Sen. Judd Gregg, R-N.H., left, announce a tentative deal.   (AP Photo/Lauren Victoria Burke)
House Financial Services Chairman Barney Frank, D-Mass., center, and other Washington leaders announce a tentative deal regarding on the financial crisis on Sunday, Sept. 28, 2008.   (AP Photo/Lauren Victoria Burke)
Senate Majority Leader Harry Reid, D-Nev., center, and Secretary of the Treasury Henry Paulson, right, discuss a tentative deal Sunday morning on Capitol Hill.   (AP Photo/Lauren Victoria Burke)
Secretary of the Treasury Henry Paulson sits in the office of House Republican Leader John Boehner during ongoing legislative negotiations, Sept. 27, 2008 in Washington.   (AP Photo/Lauren Victoria Burke)
Secretary of the Treasury Henry Paulson, center, Speaker of the House Nancy Pelosi, left, and Senate Majority Leader Harry Reid, right, announce a tentative deal.   (AP Photo/Lauren Victoria Burke)
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