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"Senate Democrats, House Democrats and Senate Republicans are on board with the outline put out by Obama we call the 'principles of fairness,' " Reid said after he and Senate Banking Committee chairman put out a discussion draft of legislation. The proposal introduced by Reid and Democrats would impose executive compensation limits, oversight requirements and other conditions on the $700 billion bailout package originally introduced by Treasury Secretary Henry Paulson. "This is a problem that can be resolved," Reid said. An a measure offered by Rep. Eric Cantor, R-Va., who has some support from other House Republicans, was depressing Reid and Dodd's efforts. Cantor's proposal would reject the government mortgage-backed asset purchase plan and replace it with a proposal to have the federal government insure mortgage-backed securities rather than buy them outright. Those holding the assets would pay for the insurance, according to the measure. Cantor said the insurance model would be less risky than a government capital injection approach because it would encourage private capital infusion into the financial markets. In addition to Cantor, and Reps. Paul Ryan, R-Wis., and Jeb Hensarling, R-Texas, support it. Cantor and a handful of other House Republican lawmakers, including Reps. John Campbell, R-Calif., said that Democrat leadership doesn't have the votes for the measure originally introduced by Paulson and that the concept introduced by Cantor makes more sense. "We've been talking to Democrats that are supportive of this measure," Cambell said. But Reid said in his conference that Paulson told him that the Cantor proposal "can't work." He added that Paulson has been busy talking to House Republicans about his $700 billion plan. - Ron Orol Categories Deal Video
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Senate Majority Leader Harry Reid, D-Nev., Friday morning sought to shore up support for a $700 billion Wall Street bailout plan after new House GOP members continued to raise concerns about it. 
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