The Revised Paulson Plan

It sounds like today's negotiations were fruitful (thank you, John McCain) and from the general outlines disclosed I'm quite surprised (as a slowly reforming cynic) that Congress actually might be putting out a good, or at least better, bill -- as I understand it, they agree to try and include the proposals that I wanted to be included in the bail-out bill! And I'm happy Dodd's on it.

Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, told reporters after the three-hour meeting, "We've reached fundamental agreement on a set of principles" to guide the financial rescue plan, and he said Congress could pass a bill within days. He said the principles include protection for taxpayers, effective oversight, help for homeowners facing foreclosure and limits on the compensation of executives whose firms take bailout money.

Another participant in the meeting, Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, later said Treasury would not be given $700 billion up front to fund the bailout plan but that the money would be "phased in" over time in installments.

He said the negotiators were "able to accommodate the bulk" of Democratic concerns about the plan "in very responsible ways" and that "we are on track, I believe, to pass this."

Noting that some lawmakers have been invited to a meeting at the White House today "to try to break a deadlock," Frank said, "I'm glad that we'll be able to go and tell them that there's not much of a deadlock to break. But I'm always glad to get to go to the White House."

UPDATE: I guess I'm not too oppossed to the GOP idea of making it a loan either, instead of a bail-out either. At least we're down to 2 palatable options