WASHINGTON – President Bush is bringing presidential candidates Barack Obama and John McCain into negotiations on a $700 billion rescue of Wall Street as Democrats and Republicans near agreement on a bailout plan with more protections for taxpayers and new help for distressed homeowners.

Senior lawmakers and Bush administration officials have cleared away key obstacles to a deal on the unprecedented rescue, agreeing to include widely supported limits on pay packages for executives whose companies benefit.

They’re still wrangling over major elements, including how to phase in the eye-popping cost – a measure demanded by Democrats and some Republicans who want stronger congressional control over the bailout – without spooking markets. A plan to let the government take an ownership stake in troubled companies as part of the rescue, rather than just buying bad debt, also was under intense negotiation.

A bipartisan meeting was set for today to begin drafting a compromise, which top Democrats said they hoped could pass within days.