And guess what, they did it without MCShame!
Breaking now per CNBC, Senator Dodd announces that a 'fundamental agreement' has been reached on the bailout package. The official announcement is rumored to be this afternoon. Staffers are currently working on specifics.
The vote is said to take place on Friday or Saturday.
Dodd and Barney Frank seem pleased that the bill will include tax payer protections. Executive pay limits will be part of the bill. They have dealt with effective oversight on home ownership preservation as well. At this point it is unclear whether warrants will be granted to the Fed for any company who participates (thus giving the Fed an equity stake in the company). My hunch is that they will.
Note that this is a bipartisan agreement and one that has been reached with BOTH the Senate and House leaders.
The timing of this is brilliant. McCain just got out of his limo and into his office. He can't say he was there to make it happen or take any credit for helping to push it through.
I loved this verbal jab by Barney Frank during the impromptu press conference:"We should note that some of us have been invited to go to the White House today to try and break a deadlock. And I'm glad that we'll be able to go and tell them that there really isn't much of a deadlock to break...but I'm always glad to get to go to the White House."
For more information, see the Wall Street Journal article HERE.
Per the Wall Street Jornal:
A bipartisan group of House and Senate lawmakers left a two-hour-plus meeting in the U.S. Capitol on Thursday saying they have a "fundamental agreement" on a $700 billion plan to bail out U.S. financial markets.
The group of nine lawmakers declined to offer details about the legislation, but Republican Sen. Robert Bennett of Utah expressed optimism that lawmakers have a "plan that will pass the House and Senate."
UPDATE WSJ now reports that the $700 billion will be paid in installments, starting with $250 billion. And, the Government WOULD get warrants (equity stakes) in any company that participates in the program. These provisions are big wins for Democrats.
UPDATE 2 According to KOS, Rep. Boehner is saying no deal has been reached. I'm calling bullshit on this. It's just a political stunt designed to postpone the official announcement and make it seem like McCain was there when the deal was reached. He wasn't. Sorry Boehner.