Saturday, September 27, 2008

Wall Street: Top US lawmakers say bailout plan agreement by Sunday

WASHINGTON, Sept 28 (KUNA) -- Top US Democratic lawmakers say an agreement is near on a proposed USD 700 billion Wall Street bailout plan the White House said is needed to alleviate the worst financial crisis since the Great Depression.

Pressed to act before Asian markets open on Monday, congressional negotiators worked through the night into Saturday to reach an agreement on historical legislation that would invest 700 billion taxpayer-dollars on a US government-run hedge fund that would buy bad mortgage-backed debts from banks and other financial firms.

The meeting of top negotiators from the Senate and the House of Representatives made "significant progress" according to Senate Democratic leader, Harry Reid, who noted the talks left 15 issues unresolved.

"If we could do it by six oclock tomorrow that would be really important because thats when the Asian markets open," Reid said.

House Speaker Nancy Pelosi, backed fellow-democrat Reid, saying after talks that she hoped Congress could act on a bill by Sunday evening or Monday morning.

"It would be my hope, that this could be resolved today, that we had a day for the American people and members of Congress to review the legislation on the Internet that we could bring something to the floor possibly Sunday night or Monday morning," Pelosi said.

"We are not leaving until this legislation is passed," she added.

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