WASHINGTON (AP) - Lawmakers on Capitol Hill say they've worked
out a bipartisan compromise on a bailout of the financial industry.
The White House is reacting cautiously.
Leaders are describing it as an agreement in principle on the
general direction of the bailout bill.
The Bush administration has agreed to a limit on pay for
executives of bailed-out financial institutions. Lawmakers have
also been pushing to phase in the 700-billion-dollar cost and allow
the government to take an ownership stake in troubled companies
rather than just buying their bad debt.
House Financial Services Committee Chairman Barney Frank says
"there really isn't much of a deadlock."
The White House is calling the agreement "a good sign." Still,
deputy press secretary Tony Fratto says the president will want to
hear from Treasury Secretary Henry Paulson and "take a look at the
details."
The White House has planned a meeting for this afternoon with
congressional leaders and presidential candidates Barack Obama and
John McCain.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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