Wow that was quick! Based on the news last night I thought for sure they would take a couple days to get everyone to make up their mind!
Warned of a possible financial panic, key 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.
It was not yet clear how lawmakers had resolved lingering differences over how to phase in the eye-popping cost - a measure demanded by Democrats and some Republicans who want stronger congressional control over the bailout - without spooking markets. A plan to let the government take an ownership stake in troubled companies as part of the rescue, rather than just buying bad debt, also was a topic of intense negotiation.
The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.
Now it looks like they need to hash out the details!
Update *** Or not! I take it back! Looks like they thought they had a deal but it apparently did not work out!
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