I received a copy of "Agreement in Principle" relative to the $700 billion "bailout" being proposed and supported by Senate Democrats.
The one page agreement from the U.S. Senate Banking Committee details guidelines to be put in place relative to taxpayer protection, oversight and transparency, home ownership preservation and Funding Authority.
While on the surface the agreement looks generic and positive, However, the "devil is in the detail." There is one detail that Democrats are concerned that Republicans will not agree to in the bailout agreement.
That is if the Republicans even see the item. It seems that this issue may be one reason that many Democrats have hounded Sen. John
McCain and pushed for his speedy approval. Senate Majority Harry Reid (D-NV) has already identified that it is Sen. John McCain's approval, not Barack Obama approval, that is needed to secure the agreement of Senate Republicans.
In fact, the questioned provision indirectly focus on some prior concern regarding Sen. Barack Obama involvement with various organizations.
Maybe that is why Obama would prefer being at a debate in Mississippi than being in Washington D.C.
House Speaker Nancy Pelosi's (D-CA) cohorts are also hounding Sen. McCain to agree. They know that neither the House Republicans nor the House Blue Dog Democrats are going to sign on easily to an agreement extending $700 billion "bailout" if Sen. McCain disagrees. Pelosi does not have control of the fiscally conservative Blue Dogs who are not happy with committing $700 billion to the "bailout" effort.
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