UPDATE: No Deal

UPDATED: That sound you hear? That’s the sound of everything falling apart.

Earlier:

From the WSJ:

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.”

“We came to agreements on a lot of the important issues,” House Financial Services Chairman Barney Frank (D., Mass.) said at a press conference featuring most of those who attended the meeting. Sen. Bob Corker (R., Tenn.) said: “I believe that we will pass this legislation before the markets open on Monday.”

A likely bill would include limits on executive pay in situations where the government puts a large amount of money into a failing institution. In certain cases, the government could receive warrants that would give it the right to acquire shares in the company. Also included is beefed-up oversight through the Government Accountability Office, an investigative arm of Congress.

Likely not included is a controversial idea to let judges alter the terms of mortgages during bankruptcy proceedings.

More here.

John McCain, Barack Obama and George Bush are set to meet later today.

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One Response

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