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Clinton, Independent Counsel Strike a Deal

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

FRANK SESNO, CNN ANCHOR: We're, of course, also tracking this other story involving President Bill Clinton -- still president for another 24 hours or so -- just under.

Bob Franken with some more details on the decision of the independent counsel -- Bob.

BOB FRANKEN, CNN CORRESPONDENT: Apparently part of the deal -- of course, it's an umbrella deal -- it involves not just the arrangement that's made with the independent counsel, which is that President Clinton admits that he knowingly misled investigators -- knowingly misled them and, as a matter of fact, stopped justice in the process which is, in effect, an administration that he had knowingly lied under oath, which is the standard for perjury, and that he had knowingly obstructed justice.

These are the offenses that the independent counsel has said he will not prosecute. But he will, in fact, have knowingly admitted, according to sources, that he broke the law and did it intentionally.

In addition, it involves the efforts that were going on to disbar President Clinton, who is an attorney in Arkansas. Part of this deal is is that he will be suspended. And we're now told that it will be a suspension that lasts for five years. He will not be able to practice law as a member of the Arkansas bar for five years.

We are also told that there are financial considerations, among those that have been hammered out are, perhaps, a fine from the Arkansas bar and other considerations. All of this is still being put together, as I mentioned before. It also involves this choreography, or a plan on how, exactly, this is going to be announced. Apparently, the plan is is that the White House will get the first crack at, followed by the independent counsel.

And then the saga, for all practical purposes -- this entire Clinton administration caught up in investigations of criminal wrongdoing -- it will be then brought to a close.

SESNO: So Bob, the president of the United States acknowledges knowingly misleading investigators; apparently agrees to a five-year suspension of the ability to practice law in state of Arkansas and there may be some fine involved, as Bob just now reports.

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