Agreement Reached on Financial Bailout - WSFA.com Montgomery Alabama news.

Agreement Reached on Financial Bailout

WASHINGTON (AP) - Congressional aides say a tentative agreement on a financial industry bailout gives the Bush administration just a fraction of the $700 billion it's requested up front, with half the money subject to a congressional veto.

Under the plan, the Treasury secretary would get $250 billion for the plan immediately and could have another $100 billion if he certifies it's needed.

The last $350 billion could be blocked by a vote of Congress.

The plan is designed to give lawmakers a stronger hand in controlling the unprecedented rescue plan.

Key Democrats and Republicans said they agreed in principle on the plan, but GOP leaders said there was no deal.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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