September 24, 2008 / 5:50 PM / 11 years ago

Conflicting reports fly on exec pay curb deal

President George W. Bush (L) speaks about the economy next to Treasury Secretary Henry Paulson in the Rose Garden of the White House in Washington September 19, 2008. REUTERS/Larry Downing

NEW YORK (Reuters) - Conflicting reports emerged on Wednesday afternoon about whether U.S. lawmakers and the Bush administration had reached agreement on including curbs on executive pay in the proposed $700 billion credit market rescue package.

First, a one-line Associated Press bulletin read on air by CNBC said the White House had accepted curbs on executive pay as part of the proposal. The issue has been a sticking point between Congress, which wants limits on CEO pay, and the White House, which has opposed them.

Moments later, CNBC, citing its own unnamed source at the Treasury Department, said no deal has been reached.

Reuters also quoted a Treasury source as saying that discussions on that and other issues were continuing and there was as yet no agreement.

U.S. stock markets rose following the initial report of a deal. Benchmark indexes remain up on the session but moved off their highs after CNBC and Reuters reports saying no deal had been reached.

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