(CNN) – Sens. Barack Obama and John McCain said Sunday they would probably vote for the government's proposed bailout legislation once they check out the final details.
Congressional lawmakers announced early Sunday they made "great progress" toward reaching a deal on the White House's proposed $700 billion bailout plan.
Rep. Barney Frank, D-Massachusetts, said the final plan will be a compromise that includes some of the original Bush administration proposals and elements demanded by congressional negotiators.
In an interview Sunday on CBS' "Face the Nation," Obama said he had not reviewed the language of the latest proposal, but he said if the core principles he put forth were incorporated into it, his "inclination" would be to vote for it.
The Illinois senator said the final deal must include strong oversight, make sure taxpayers share in any gains when the market recovers, provide relief for homeowners, and make sure taxpayers' money does not go toward any executives' bonuses.
Obama told CBS that it appears those principles have been included, and if that is the case, "my inclination would be to vote for it, understanding I'm not happy about it. We should have never gotten into this place in the first place."