WASHINGTON -- Top House and Senate Democratic and Republican lawmakers have reached a tentative agreement on a $700 billion plan to bail out U.S. financial markets, with some predicting the measure would pass both chambers of Congress.
After a three-hour meeting, lawmakers agreed to legislative principles that would approve Treasury's request for the funds, but would break it into installments, according to people familiar with the matter. Treasury would have access to $250 billion immediately, with another $100 billion to follow if needed. Congress would be able to block the last installment through a vote if it was unhappy with the program.
The agreement could require all companies participating in the program to agree to limits on executive pay--such as restrictions on "golden parachutes." It is also likely to give the government equity warrants in all participating companies.
Read up on the edits to Treasury Secretary Paulson's plan:
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