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'Fundamental Agreement' Reached on Bailout?

2:16 PM, Sep 25, 2008 • By JOHN MCCORMACK
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Politico's Martin Kady II reports that top negotiators in the Senate, Republican Robert Bennett and Democrat Chris Dodd, have reached an agreement

on a government bailout of the nation's financial system, granting extraordinary powers to the secretary of Treasury to purchase hundreds of billions in bad debt while attempting to stem foreclosures for homeowners struggling on Main Street. ... But Dodd cautioned that this is still a "set of principles" and not completed legislative language.

Sen. Robert Bennett (R-Utah), the top GOP negotiator in the Senate, said, "We have a plan that will pass the House, pass the Senate and be signed by the president, and bring certainty to the markets."

Dodd said the agreement includes a crackdown on executive compensation, but it does not appear to have a bankruptcy provision, coveted by liberal Democrats, which would allow judges to restructure mortgages for people facing foreclosure.