CBSN

Bailout Negotiators To Meet At 3 P.m.

The House and Senate negotiators on the Wall Street bailout package — Sens. Chris Dodd (D-Conn.) and Judd Gregg (R-N.H.) and Reps. Barney Frank (D-Mass.) and Roy Blunt (R-Mo.) — are scheduled to meet at 3 p.m., according to sources familiar with the discussions.

Blunt, the House minority whip, has been designated by Minority Leader John A. Boehner (R-Ohio) to be the House Republican point man in the discussions. So far today, Blunt has been in contact with his congressional counterparts, as well as Treasury Secretary Henry Paulson and White House chief of staff Josh Bolten, but they have yet to sit down face to face.

House Republicans are pushing their own alternative to the $700 billion bailout package proposed by the White House, but have yet to offer a formal proposal. It's unclear when House Republicans will have actual legislative language for their plan, which relies on government-backed mortgage insurance program instead of a full-blown bailout for the financial markets.

Update: It's unclear if this 3 p.m. session is Democrats only or will actually be a bipartisan, bicameral session. Republicans aren't sure if they are invited yet.