Gregg: Obama and McCain played roles

Sen. Judd Gregg, a key participants in Saturday night's midnight-oil negotiations that brought a breakthrough on the Bush administration's bailout plan for Wall Street, said Sunday both presidential candidates played a part in the deal.

Gregg, the ranking Republican on the Senate Budget committee, also said negotiators Saturday night were told in no uncertain terms from leading economists that a meltdown on Wall Street was imminent if the plan was not approved as soon as possible.

{mosads}"Getting this done soon, promptly, is absolutely critical to the confidence of the markets," said Gregg (N.H.). "I can't understate that issue."

Both Democratic presidential nominee Barack Obama (D-Ill.) and GOP nominee John McCain (R-Ariz.) were in close contact with the lead negotiators throughout the nine-hour session Saturday afternoon and evening, Gregg said. He also said economists' perspectives were sought as well.

Gregg said a final House vote is expected Monday, followed by a Senate vote. He predicted both chambers would approve the measure.

Gregg also said he believes taxpayers are likely to make money off the deal, as their equity stake in the companies that are bailed out will be repaid as the economy improves.

"There's a really good shot at that," Gregg said, although he stopped short of a guarantee. "We may lose money, we may break even, we may make money… My gut tells me we'll make money."

House Speaker Nancy Pelosi (D-Calif.), in whose office the final meetings were held, played a pivotal role in bringing all sides together for the final agreement, Gregg said.

A key sticking point was limits on pay for executives of companies that are bailed out by the plan. It was resolved, Gregg said, by imposing limits on certain companies that participate in it. The plan also includes a 20 percent surtax on "golden parachute" packages.

He said the plan is unlikely to be changed, given the time constraints and the impossibility of satisfying all members of Congress.