10/26/2008 05:12 am ET Updated May 25, 2011

New York Times: "A Day Of Political Theatre" As Congress Reaches General Bailout Deal

House and Senate negotiators from both parties said Thursday that they had reached general agreement to move forward with the administration's proposed $700 billion bailout of the financial system, authorizing unprecedented government intervention to prevent what President Bush warned could be a widespread economic collapse.

Emerging from a nearly three-hour meeting in the Capitol, Republicans and Democrats said the legislation would include limits on the pay packages for executives of firms that seek assistance and a mechanism for the government to take an equity stake in some firms, so taxpayers have a chance to profit if the bailout plan works.

The announcement that lawmakers had reached an accord came on a day of political theater at the Capitol and at the White House where President Bush met with Congressional leaders and the presidential candidates, Senator John McCain, Republican of Arizona, and Senator Barack Obama, Democrat of Illinois.

Read more on NY Times