Congressional Bailout Plan Offers Only $250 Billion at First

The Associated Press is reporting that congressional sources have said that the bailout accord reached on Capitol Hill this afternoon offers $250 billion immediately and could have an additional $100 billion if the Treasury secretary certified it was needed. The additional $350 billion would be granted only with a vote from Congress.

Here is some of the AP report:

Confident but not yet celebrating, congressional leaders agreed today on a multibillion-dollar bailout plan for Wall Street aimed at staving off a national economic catastrophe. President Bush brought the two men fighting to succeed him to a historic White House huddle on how to sell a deal to lawmakers who were still resisting.

Welcoming Republican John McCain and Democrat Barack Obama, Bush said, "My hope is that we can reach an agreement very shortly."

The tentative accord would give the Bush administration just a fraction of the $700 billion it had requested up front, with half the money subject to a congressional veto, congressional aides said. Under the plan, the Treasury secretary would get $250 billion immediately and could have an additional $100 billion if he certified it was needed. The last $350 billion could be blocked by a vote of Congress under the arrangement, designed to give lawmakers a stronger hand in controlling the unprecedented rescue.

The aides described the details on condition of anonymity because they were not authorized to speak publicly.