The Chairman of the Senate Banking Committee, Senator Christopher Dodd, announced that Republicans and Democrats have reached an principle agreement to give Treasury the authority to enact its proposed $700 billion rescue plan.

"We have also agreed on the creation of an oversight body and foreclosure aid," Dodd said.

Senate and House members from both parties stood together on Capitol Hill, displaying their unity on the agreement.

"Taxpayers are getting help in this, it should send a positive signal to markets," Dodd said.

The agreement will be presented to President George W. Bush at 3:30 p.m. EDT.

According to a CNBC report, House Speaker Nancy Pelosi will be also taking a second stimulus package to be reviewed by President Bush.

By Steve Stecyk and edited by Nancy Girgis
©CEP News Ltd. 2008