Congress reaches tentative consensus on £700bn bailout.
US Congressional leaders reached an outline deal for the $700bn bailout of beleaguered financial institutions shortly after midnight this morning (Monday).
After days of tense negotiations, Republicans and Democrats agreed that $350bn would be made available to buy toxic assets now, while the second $350bn would have to be approved by Congress.
The deal included controls on pay and bonuses for Wall Street executives, as part of a range of guarantees and safeguards for US taxpayers.
While the outline deal has been hammered out, it will still need to pass through the House of Representatives. A vote is expected as early as today and, if successful, President Bush could enact the legislation within days. Both Presidential candidates, John McCain and Barack Obama, have given their reluctant backing to the rescue package, which has proved highly unpopular with US voters.
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