CBSN

Bailout Talks Adjourn

Negotiations ended late tonight with no firm agreement. Rep. Barney Frank (D-Mass.) told reporters that Treasury Secretary Henry Paulson shared his reaction to the ideas Senate Democrats, Senate Republicans and House Democrats presented following a meeting earlier today. Frank said that among those parties, including Paulson, there is broad agreement on restricting executive compensation and the mechanism of the bailout. Discussions were ongoing regarding whether the the lump sum of $700 billions would be doled our or if it would be phased in.

House Republicans remained holdouts and Sen. John McCain (R-Ariz.), according to surrogate Sen. Lindsey Graham (R-S.C.), is also opposed to the plan. Rep. Spencer Bachus (R-Ala.) left the meeting, according to Frank, telling the remaining participants that because House Republicans were not taking part in the negotiations that it wouldn't be appropriate for him to stay.

Paulson had requested that only one participant from each of the chamber's parties meet to make the gathering more workable. Sen. Judd Gregg of New Hampshire represented the GOP. Sen. Chris Dodd (D-Conn.) represented Senate Democrats.

Frank told reporters after the meeting that the "three congressional parties" would meet again at 11:30 tomorrow morning. House Republican support, which he said was essential, was up to President Bush. "The President has got to go to work here," Frank said.