[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/POLITICS/09/28/bailout.deal/art.bailoutannounce.ap.jpg 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.