From NBC's Domenico Montanaro
Forbes: "Key lawmakers in Congress have reached a tentative agreement on a bailout proposal that they expect to roll out to their colleagues for final approval Sunday morning."
Paulson announced the deal after midnight in Washington.
AP on the deal on the $700 billion bailout: "The measure would allow the government to buy defaulted mortgages and other distressed housing-related assets, many of them held by Wall Street banks, in an effort to keep the worst financial crisis since the Great Depression from spreading throughout the entire economy."
Forbes on the details: "The bailout, to be financed by government bonds, includes provisions to limit executive compensation for the firms that are being bailed out, an equity stake in those firms for taxpayers, an oversight board to account for the bailout process, and a measure to help prevent mortgage foreclosures. The $700 billion will be doled out in tranches of $250 billion immediately, $100 billion upon the approval of the president and $350 billion upon the approval of Congress. Lawmakers also said there is language in the plan to allow the government to recover some of the money it is spending to buy troubled assets, as well as a provision that allows firms to buy insurance for toxic securities--something House Republicans had requested."
AP also notes that Obama and McCain "gingerly embraced" the deal and also "sought to take at least partial credit for the outcome."