Reid: Congress will stay in session

WASHINGTON, Sept. 26 (UPI) -- Congress will stay in session "as long as it takes" to hammer out a bailout for U.S. financial markets, Senate Majority Leader Harry Reid, D-Nev., said Friday.

We'll work with the president, modify his plan to make it better for taxpayers and homeowners," Reid said during a news conference. "We want to make sure that there's oversight."

Progress is being made in reaching agreement on the $700 billion rescue package proposed by U.S. Treasury Secretary Henry Paulson, Reid said.

"We're going to get this done and stay in session as long as it takes to get it done," he said. Congress was scheduled to adjourn Friday.

Reid said Senate Democrats, House Democrats and Senate Republicans agree principles outlined by Democratic presidential candidate Barack Obama, including protections for taxpayers, strong oversight and limits to golden parachutes for executives of participating entities.

"It's time," Reid said. "for House Republicans to come to the negotiating table and for presidential politics to leave the negotiating table."

Conservative House Republicans are balking at the Paulson package as modified, introducing an alternative plan that would call for Wall Street institutions to contribute to an insurance fund, more deregulation and tax easements, among other things.

Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee said congressional staff members were drafting language based on Thursday's discussions.

Dodd stressed there was no final bill.

"It's a discussion draft between Democrats and serious Republicans," he said, "and there are many who want to work on a product here that we can present to our colleagues and to the American people."