Sen Frank says Democrats agree on bailout bill

WASHINGTON (Reuters) - Democratic Rep. Barney Frank said on Wednesday Democrats had reached an agreement on a financial bailout plan, and there would be enough votes to pass it and send it to President George W. Bush to sign into law.

"We now have between House and Senate Democrats an agreement on what we think should be in the bill, and we have a meeting scheduled at 10 a.m. tomorrow to meet with the Republicans," said Frank, who chairs the House of Representatives Financial Services Committee.

Frank took a dig at Republican presidential nominee John McCain, who has interrupted his campaign to return to Washington on Thursday to help work on a bailout bill.

"All of sudden, now that we are on the verge of making a deal, John McCain here drops himself in to help us make a deal, Frank said. "I really worry about the politicalization."

The Massachusetts Democrat noted that a meeting on Capitol Hill on Thursday will be interrupted for a "photo op" at the White House with congressional Democrats and Republicans as well as Bush.

"We trying to rescue the economy, not the McCain campaign," Frank said.

"Earlier today it became clear to me we would get the votes to pass this bill," Frank told CNBC in an earlier interview. He said it could take a few days to craft final legislation.

Asked whether the bill will have provisions on the controversial issue of executives' pay, Frank said: "I know we have to do something about CEO compensation. House and Senate Democrats have some good agreement on this. We are going to say no golden parachutes."

(Reporting by Richard Cowan and Thomas Ferraro; editing by Chris Wilson)