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| US 'agrees Wall Street bail-out' | |
| (10 minutes later) | |
| A leading US senator says both parties in Congress have reached agreement on the outline of a $700bn (£380bn) bail-out plan to revive the finance sector. | |
| Democrat Senator Christopher Dodd said they had reached "fundamental agreement" on the principles of a package though he did not give details. | |
| He said Congress could act in the next few days to pass a bill on the subject. | He said Congress could act in the next few days to pass a bill on the subject. |
| The plan is aimed at helping finance firms offload their bad debt, which has triggered a global credit crisis. | The plan is aimed at helping finance firms offload their bad debt, which has triggered a global credit crisis. |
| "We now expect that we will have a plan that can pass the House, pass the Senate and be signed by the president," Senator Robert Bennett of Utah said after meetings with lawmakers on Thursday. | "We now expect that we will have a plan that can pass the House, pass the Senate and be signed by the president," Senator Robert Bennett of Utah said after meetings with lawmakers on Thursday. |
| Details of the package were not immediately available but it is expected to include limits on executives' pay as well as oversight requirements. | Details of the package were not immediately available but it is expected to include limits on executives' pay as well as oversight requirements. |
| The news comes as President George W Bush is set to meet both presidential candidates, John McCain and Barack Obama, to discuss the bail-out and how to revive the economy. | The news comes as President George W Bush is set to meet both presidential candidates, John McCain and Barack Obama, to discuss the bail-out and how to revive the economy. |
| The benchmark Dow Jones index has risen sharply on senator Dodd's comments, adding 3%, to 11,128.7. | |
| Concerns | |
| The bail-out, put forward last week, has been under scrutiny with politicians on both sides nervous about the deal being rushed through too quickly. | |
| Of particular concern has been the issue of pay for the bosses of the firms in question, as well as concerns over the cost of the plan to the US taxpayer. | |
| But both US Federal Reserve head Ben Bernanke and US President George W Bush have warned that without a deal, it would cause a significant set-back to the economy as a whole. |