September 28th, 2008
08:24 AM ET
14 years ago

Congressional leaders say bailout deal is near

[cnn-photo-caption image= caption=" Nancy Pelosi said 'great progress' has been made on bailout negotiations."]
WASHINGTON (CNN) - Congressional negotiators "made great progress" toward reaching a deal on the White House's proposed $700 billion bailout of the financial system, House Speaker Nancy Pelosi said.

Pelosi, flanked by Senate Majority Leader Harry Reid and other congressional leaders, made the announcement around 12:30 a.m. Sunday after a long evening of talks on Capitol Hill.

Their goal has been to craft and announce a final deal on legislation by Sunday, in time for the start of financial markets around the world.

"We have to get it committed to paper so we can formally agree," Pelosi said.

Reid said congressional staffers would be up all night putting the details so a deal could be announced sometime Sunday.

Under the tentative deal being finalized, the rescue program would be overseen by a board including the treasury secretary, secretary of commerce, head of the Securities and Exchange Commission and chairman of the Federal Reserve, said Sen. Kent Conrad, R-North Dakota, who heads the Senate Budget Committee.

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Filed under: Congress
soundoff (81 Responses)
  1. rjay4

    You hit it right on the head!!!

    September 28, 2008 10:32 am at 10:32 am |
  2. Rob

    I'm a Democrat , but Pelosi and Reid are traitor's . shame on them .They keep selling us out . How can people vote for these 2 idiots . We should vote all of these people out and start over–we can't be any worse off . And when they leave office no health care–unless they pay on their own and no pension–just like the average American

    When is this bill being available to American citizens to see , I don't trust any of these people

    September 28, 2008 10:34 am at 10:34 am |
  3. dan

    I think there is something wrong with McCain's eye site. One eye was bigger, he stared off, he would no look into camera or a obama. That is the REAL reason he wanted to postpon the debate. Can someone look into this. His eyes had the look of someone who can not see.

    September 28, 2008 10:34 am at 10:34 am |
  4. Bulldog

    And I'm sure the McCain will attempt to take credit for this out of pure desperation. If they do I think most people are smart enough by now to see this cheap stunt for what it really is. McCain is losing bad, and this is just another dirty strategy he is using to try to fool people into believing he saved the country. What a joke.

    September 28, 2008 10:35 am at 10:35 am |
  5. inuk of the north

    Ask yourself one question in all this.

    Has there been one person involved in this negotiation, just one, Dem or Rep or other, that isn't a multi-millionaire???

    Bush, Paulsen, Reid, Pelosi, Bernanke, Schumer, Dodd, etc.

    We are totally getting the shaft.

    September 28, 2008 10:35 am at 10:35 am |
  6. beevee

    The final plan does not look much different from the one porposed by Bush and the democrats. Why did the reps delay and threw monkey wrench in the negotiations for the past 3-4 days? It looks like they and McCain want to claim the credit for resolving a tough economic issue and make McCain look presidential. Pitiful ploy.

    September 28, 2008 10:36 am at 10:36 am |
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