Speaking after a meeting with President George W. Bush, Senator Richard Shelby said he does not think an agreement has been made on the $700 billion bailout plan proposed by the U.S. Treasury earlier this week.

"We ought to look at alternatives" to the plan proposed by Treasury Secretary Henry Paulson, Shelby said, adding that there are a lot of different opinions on the bailout plan.

The announcement came as a surprise considering that House Financial Services Committee Chairman Barney Frank said both House and Senate Democrats have agreed on a version of the bill. House Speaker Nancy Pelosi also said that the White House has agreed to the principles of the democratic bill.

Richard Shelby is a ranking Republican on the U.S. Senate Committee on Banking.

By Megan Ainscow and edited by Nancy Girgis
©CEP News Ltd. 2008