Congress and White House Agree on Bailout

Congressional negotiators and the Bush administration's top Treasury officials go to work Sunday on settling the final details of a historic $700 billion Wall Street bailout aimed at keeping credit flowing and saving the nation's shaky economy from collapsing into a crippling recession.
"We've made great progress. We have to get it committed to paper so that we can formally agree," House Speaker Nancy Pelosi, D-Calif., told reporters in announcing the tentative deal shortly after midnight Sunday.
Congressional leaders hope to have a House vote on the measure Monday, with a vote in the Senate coming later.
All sides expressed optimism and Senate Majority Leader Harry Reid, D-Nev., said he expected an announcement soon.
"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who participated in the negotiations in the Capitol.
"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks.
Democratic presidential nominee Barack Obama issued a statement Sunday saying the bank rescue is necessary.
He said that "failure to deal with the current crisis would have devastating consequences for our economy, costing millions of Americans their jobs and retirement security."