SPECIAL REPORT AMERICA'S MONEY CRISIS

Congress: We have deal

Lawmakers agree on principles to send to Bush - say plan to protect taxpayers and ensure oversight.

NEW YORK (CNNMoney.com) -- Lawmakers have reached a bipartisan deal
on the $700 billion financial bailout plan being pushed by the Bush
administration.
Both parties and both houses agreed Thursday to a
set of principles on revisions to the rescue plan, which calls for the
Treasury Department to buy up bad mortgage securities from banks in an
effort to get them to lend again.
The deal will help homeowners,
curb executive pay packages at participating firms and provide
oversight of Treasury's actions, said Sen. Christopher Dodd, D-Conn., a
key architect of the congressional effort. He did not provide details
but said lawmakers will sit down with Treasury officials to discuss it.
"We've reached a fundamental agreement on a set of principles, one, for taxpayers, which is tremendously important," Dodd said.
Americans
should "legitimately feel better about the overall approach," said Rep.
Barney Frank, D-Mass., who heads the House Financial Services Committee.
Taxpayers
will be protected under the Congressional version of the bailout, said
Rep. Spencer Bachus, R-Ala., the top Republican on the House Financial
Services Committee.