> SUBSCRIBE FOR FREE! 

Key Republicans and Democrats reported agreement Thursday (Sept. 25) on an outline for a historic $700 billion bailout of the financial industry, but there was still resistance from rank-and-file House Republicans despite warnings of an impending panic, according to the Associated Press.
“I now expect we will, indeed, have a plan that can pass the House, pass the Senate, be signed by the president and bring a sense of certainty to this crisis that is sill roiling in the market,” Sen. Bob Bennett, R-Utah, said as members of both parties emerged from a two-hour negotiating session.
Negotiators planned to present the outline at a White House meeting later Thursday with President Bush and the rivals to replace him, Republican John McCain and Democrat Barrack Obama.
“We’re very confident that we can act expeditiously,” said Sen. Chris Dodd, D-Conn., the Banking Committee chairman.
Not everyone in the closed-door talks was as optimistic. Rep. Spencer Bachus of Alabama, the only House Republican in the bargaining meeting, stopped short of saying he agreed with the other lawmakers on an imminent deal.
“There was progress today,” said Bachus, the senior Republican on the House Financial Services panel.
Later, he issued a statement saying he was not empowered to strike any deals and there was “no agreement other than to continue discussions.”
Both houses’ Republican leaders, Rep. John Boehner and Sen. Mitch McConnell, also issued statements saying there was no agreement.
Still, the White House called the announcement “a good sign that progress is being made.”
“We’ll want to hear from (Treasury) Secretary (Henry) Paulson and take a look at the details. We look forward to a good discussion at the meeting this afternoon,” said Tony Fratto, the deputy White House press secretary.
A Treasury spokeswoman said the proposal was being reviewed there.
On Wall Street, stock prices were up late in the trading day, but not by as much as earlier in the day.
The core of the plan proposed by the administration just a few days ago envisions the government buying up sour assets of shaky financial firms in a bid to keep them from going under and to stave off a potentially severe recession.
Obama and McCain called for a bipartisan effort to deal with the crisis, little more than five weeks before national elections in which the economy has emerged as the dominant theme.
McCain on Wednesday asked Obama to agree to delay their first debate, scheduled for Friday, to deal with the meltdown. Obama said the debate should go ahead.
Congressional negotiators said Thursday there were few obstacles to a final agreement, although no details of an accord were immediately available.