“Fundamental Agreement” Reached On Bailout

Christopher Dodd, speaking moments ago:

We believe that we’re prepared to act expeditiously on a package to our colleagues that will allow us to send a message to the markets that the congress heard the message, and we want to do what’s correct and right in the next few days. We can’t say exactly when. We’ve reached a fundamental agreement on a set of principles. One, for taxpayers, which is tremendously important. We’re giving the Secretary the authority he will need in order to act and the funding that he will need. We also have dealt, I think, effectively with the issue of effective oversight, with home ownership, of preservation, as well as executive compensation. And in anticipation of your questions, we’re not going to go into the details. Clearly, we now need to meet with the Treasury Department and go over these principles which we’ve agreed on among ourselves and obviously go back to our respective caucuses to talk with them as well.

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