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Power Line: Deal Or No Deal?

It's not clear what is happening in Washington tonight. The Democrats announced that a deal had been reached on a bailout program, but House Republicans promptly said that they weren't part of it. The Associated Press says that any tentative agreement has fallen apart, and Ben Bernanke and Henry Paulson have returned to the Hill to continue negotiations. Meanwhile, the Democrats say that John McCain has joined forces with House Republicans who have proposed a "mortgage insurance plan" as an alternative to the bailout. Stay tuned.

It will be a bad day for Wall Street tomorrow. Oh, well.