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'Great progress' in US bail-out 'Great progress' in US bail-out
(20 minutes later)
US congressional leaders say they have reached the broad outline of a rescue plan for the American financial system.US congressional leaders say they have reached the broad outline of a rescue plan for the American financial system.
Democratic House Speaker Nancy Pelosi said "great progress" had been made during late-night talks - but details remain to be worked out. Democratic House Speaker Nancy Pelosi said "great progress" had been made - but details remain to be worked out.
Senior Republican and Democratic leaders have been trying to agree on buying bad debt that is freezing up financial markets. The Bush administration wants $700bn (£380bn) to be able to buy bad debt that is freezing up financial markets.
The Bush administration wants $700bn (£380bn) to help the finance sector. A vote could be held in the House of Representatives as early as Sunday, with negotiators keen to reassure the markets before they reopen on Monday.
Negotiators want to have the outline of a deal to reassure the markets before they reopen on Monday. The deal proposes that the government would spend the $700bn to buy up bad mortgage-related debts from US banks, borrowing the cash from the money markets by issuing more government debt.
But House Republican leaders have criticized some elements of the administration's proposal. It would also give the treasury secretary powers to oversee the two-year plan but critics have insisted on the inclusion of greater oversight and reporting.
But House Republican leaders have criticised some elements of the administration's proposal.
The BBC's Justin Webb in Washington says the tentative agreement that appears to have been reached is thought to include a measure to limit the pay for executives of companies which seek financial assistance, which was a key demand of the Democrats.
At the request of Republicans, the accord is believed to include the setting up an insurance program for mortgage-backed securities.
'All night'
US Treasury Secretary Henry Paulson, who took part in the talks, said that Congressional leaders had been "working very hard".US Treasury Secretary Henry Paulson, who took part in the talks, said that Congressional leaders had been "working very hard".
"We've made great progress toward a deal, which will work and will be effective in the marketplace, and effective for all Americans," he said, at an early morning press conference. "We've made great progress toward a deal, which will work and will be effective in the marketplace, and effective for all Americans," he told a news conference.
But Ms Pelosi said the deal had to be committed to paper before it could be formally agreed.But Ms Pelosi said the deal had to be committed to paper before it could be formally agreed.
'All night'
Senate Democratic leader Harry Reid said Congress hoped to be able to make an announcement on the deal later on Sunday.Senate Democratic leader Harry Reid said Congress hoped to be able to make an announcement on the deal later on Sunday.
"We're committing it to paper tonight and our people will work all night long," he said."We're committing it to paper tonight and our people will work all night long," he said.
Congressional leaders are trying to finalise the deal in time for the opening of the Asian markets on Monday morning.Congressional leaders are trying to finalise the deal in time for the opening of the Asian markets on Monday morning.
The deal proposes that the government would spend $700bn (£380bn) to buy up bad mortgage-related debts from US banks, borrowing the cash from the money markets by issuing more government debt.
It would also give the treasury secretary powers to oversee the two-year plan but critics have insisted on the inclusion of greater oversight and reporting.