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Senate leader: Significant progress on bailout

(Agencies)
Updated: 2008-09-27 22:50

WASHINGTON -- The Senate's top Democrat says there's been significant progress on a $700 billion bailout to rescue Wall Street.

Speaker of the House Nancy Pelosi, D-Calif., speaks about the financial market turmoil during a news conference with House Financial Services Committee Chairman Barney Frank, D-Mass., on Capitol Hill in Washington, Friday, Sept. 26, 2008. [Agencies]

Related readings:  Obama, McCain say Congress must pass bailout plan  $700b US bailout plan  Protesters rally in New York against bailout

Sen. Harry Reid says congressional aides worked late into the night and he hopes for an agreement in principle by late Sunday. President Bush said in his radio address he hoped for a deal very soon and a key House negotiator, Rep. Barney Frank, has said he believes a deal can be in place by Sunday.

Lawmakers want to be able to announce an agreement before Asian markets open on Monday.

Talks are resuming Saturday and Reid says there are about 15 issues lawmakers need to resolve. Reid hopes that if an agreement is reached Sunday, it won't take long to write the legislation and there could be a vote in the coming week.