Midnight breakthrough in US capital on bailout package (Lead)

September 28th, 2008 - 1:14 pm ICT by IANS  

Washington, Sep 28 (DPA) In a dramatic group appearance shortly after midnight in the US capital, Congressional leaders early Sunday said they had made progress on an emergency finance rescue package.They declined to give details of the agreement and said final consensus would not be clear until it was written on paper.

They said their staffs will be working through the night on the final draft of the bailout package, which would have to go through another round of approval by all concerned.

Speaker of the House of Representatives Nancy Pelosi and Senate Majority Leader Harry Reid, who lead the Democratic majority, made the announcement surrounded by most of their Republican counterparts and Treasury Secretary Henry Paulson.

Notably missing from the group was House Republican leader John Boehner, which could indicate there were still issues to be worked out.

Representative Roy Blunt, whom Boehner appointed to work on behalf of reluctant House Republicans in the past days of negotiations, spoke on behalf of their faction, and was cautious.

“We need to look and see where we are on paper tomorrow,” Blunt said. “I think we are going to be able to have an announcement tomorrow, but these are difficult issues.”

The White House said it was “very pleased with the progress made tonight in these discussions” and “pleased by the hard work on both sides of the aisle,” CNN reported.

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