Congressional leaders emerged from negotiations this afternoon to announce that, in principle, a deal was reached on the $700 billion emergency bailout package.
“We reached a fundamental agreement on a set of principles,” said Senator Christopher Dodd (D-Conn.) at a press briefing broadcast over the internet. Dodd went on to say that they were able to deal with concerns of the democratic caucus regarding oversight, home ownership preservation and executive compensation.
Senator Robert Bennett (R-Utah) added that he believes they have a plan that will bring a sense of certainty to the market.
Presidential contenders Barack Obama and John McCain will meet at the White House with President Bush and congressional leaders this afternoon to go over the plan.
As of now there has not been a vote scheduled.
