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The following is the text of the “agreement on principles” that blew up yesterday at the White House, as House Republican leader John Boehner blindsided negotiators by saying Republicans wouldn’t support the deal. Sen. John McCain who had arranged the photo op refused to state where he stood.

The text —like Treasury Secretary Paulson’s original proposal — is breathtaking in its brevity. They are talking, after all, about authorization to spend $700 billion (or more since it is a revolving fund).

Meanwhile the financial crisis grows worse: failure of Washington Mutual was largest bank failure in history.

The annotations are mine. For more discussion, go here

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