Hopefully, when I wake up, there’ll be a published draft that those of us who are interested can read.

Congressional leaders reach tentative deal on bailout – CNN.com

WASHINGTON (AP) — Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of billions of dollars.

The House could vote on it Sunday and the Senate on Monday. House Speaker Nancy Pelosi announced the accord just after midnight Saturday and said it still has to be put on paper.

Treasury Secretary Henry Paulson talked of finalizing the deal but added: “I think we’re there.”

The aim of the deal is to prevent credit from drying up and causing a meltdown of the U.S. economy.

Updated, with more details:

Congressional leaders say bailout deal is near – CNN.com

Under the tentative deal being finalized, the rescue program would be overseen by a board including the treasury secretary, secretary of commerce, head of the Securities and Exchange Commission and chairman of the Federal Reserve, said Sen. Kent Conrad, R-North Dakota, who heads the Senate Budget Committee.

According to Conrad, $700 billion would be disbursed in stages, with $250 billion made available immediately. In addition, the Treasury would establish an insurance program — with premiums paid by the industry — to mitigate taxpayer losses. The bill would also probably include some curbs on the compensation of executives at companies that participate.

Finally, the government would get the right to receive equity stakes in the companies that sell it assets. The measure is an attempt to reduce fiscal risk to taxpayers.

A senior House Democratic aide called it a “framework of an agreement, and you still have to put everything on paper.” The aide added that all sides would have to “review it carefully” Sunday.

House Republicans have not yet signed off on the newest plan, but their negotiator, Rep. Roy Blunt, R-Missouri, said he would present it to the GOP caucus Sunday morning after it is written on paper.

“I think we’re going to be able to have an announcement tomorrow, but these are difficult issues,” Blunt said.

If the House Republicans still balk at the deal, which does include the industry-funded insurance program they proposed, then I think it’s time for everyone to drop to their knees and start praying to whatever God they worship for some divine intervention to save the American (and through the ripple effect) and global economies.

Regardless of whether or not the plan works, a lack of any plan will be devastating to the economy.

I still want to read the text of the plan … hey, CNN, WSJ, NY Times, etc.! Get a copy and publish, publish, publish!!