Lawmakers have reached agreement on a bipartisan counterproposal to the Bush administration's $700 billion financial bailout plan.

The proposal will help homeowners, curb executive pay packages at participating firms and provide oversight of Treasury's actions, said Sen. Christopher Dodd, D-Conn., a key architect of the congressional effort. He did not provide details but said lawmakers will sit down with Treasury officials to discuss it.

But House Republicans are not on board, according to Minority Leader Rep. John Boehner, R-Ohio.

"House Republicans have not agreed to any plan at this point," Boehner said.

One lawmaker who appeared at a lunchtime press conference announcing the agreement later said negotiations were continuing.

"As I made clear in the meeting this morning, I was not authorized by my colleagues to make any agreement on behalf of House Republicans," said Rep. Spencer Bachus, R-Ala., the top Republican on the House Financial Services Committee. "There was progress on many issues, but no agreement other than to continue discussions."