Candidates Give Negotiators a Push

Treasury Secretary Henry M. Paulson Jr. is among the few who have been involved in talks. (By Dominic Bracco Ii -- The Washington Post)
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"We got a good sense last night, even more so this morning," one top aide said. "Got in a position where Democrats were warily circling McCain -- not going to commit to a deal unless McCain does. It was just a time for leadership. So he just stepped up."

But if Democrats were looking for his support, they opposed his participation in the actual negotiations, because he is not considered an expert on financial markets, and has what is regarded as a pugnacious negotiating style.

"We are close to a deal," said a House Democratic leadership aide, who spoke on the condition of anonymity because the aide was not cleared to discuss the issue with the media. "If he thinks he is going to come in now and blow up the deal, or politicize this crisis, or start holding press conferences and taking credit for a Paulson-Frank-Pelosi deal, he's wrong."

Neither McCain nor Obama has said whether he will support a rescue package before seeing the final bill. But they have laid out conditions that are largely in sync: more transparency in the legislative process, more oversight of how the money is spent, a taxpayer stake in the participating firms so that a successful turnaround would help recoup federal money, and strict limits on compensation for executives whose firms get help.

This week, Obama dropped his insistence that the plan include a generous stimulus package for the broader economy, after Republicans said they could not accept what they called extraneous spending. Yesterday, he came out against many members of his party when he said the package should not include changes in bankruptcy law that would have allowed judges to restructure mortgages for people facing foreclosure.

Obama made it clear that he thought McCain's initial move to suspend his campaign and join the negotiations will only inject politics into the process.

Staff writer Michael D. Shear contributed to this report.