Lawmakers Report Progress on Financial Rescue Deal

By: Associated Press Email
By: Associated Press Email

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Key lawmakers in both parties and Treasury Secretary Henry Paulson have worked late into the night. They're trying to close an agreement on a multi-billion-dollar government bailout of distressed financial companies.

House Speaker Nancy Pelosi says "quite a bit" of progress is being made on a deal that Congress could send to President Bush as early as Monday after votes in both houses.

Senate Finance Chairman Max Baucus says they're "making a lot
of headway." The goal is to strike a deal before stock markets
around the world begin a new week.

A key sticking point has been a new government-sponsored insurance program for lenders, demanded by House Republicans as an alternative to devoting the entire 700-billion-dollars to buying up toxic debt.

The House is scheduled to convene at 1 p.m. Eastern time Sunday.
Members are hoping to vote on the bailout by Sunday evening and go
home to campaign for re-election. The Senate isn't scheduled to be
back in session until Monday morning.

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