US Congress has tentative agreement on finance rescue package

Business Materials 28 September 2008 10:45 (UTC +04:00)

In a group announcement, Congressional leaders early Sunday said they had reached tentative agreement on a finance rescue package but did not give details of the compromise, reported dpa.

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

Notably missing from the speakers was House Minority 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.

The leaders said their staffs would be working through the night on the final draft of the bailout package, which would then be returned for final approval by all concerned.