Things are very much in flux on the Hill as both parties grapple with this massive bailout proposal. From what we're hearing, things are in such a preliminary stage that members are still trying to figure out basics like where colleagues stand and what type of legislation the bailout will be packaged as, let alone what it will contain.

TPMmuckraker obtained a copy of the outline of an alternative bailout plan being floated by Rep. Brad Sherman (D-CA) that offers more oversight of the bailout, which isn't hard to do, since the Administration's proposal is virtually oversight-free.

Late Update: At least one Republican on the House Financial Services Committee considers the Paulson proposal is a no-go.