Negotiators spend weekend on bailout bill

WASHINGTON, Sept. 27 (UPI) -- U.S. Congressional leaders predicted agreement by the end of the weekend after staffers worked into the small hours Saturday on a $700 billion bailout bill.

Senate Majority Leader Harry Reid, D-Nev., said it was important to announce a plan before Asian markets open for the new week Sunday, The New York Times reported.

"Staff worked until 3 a.m. this morning on the bailout -- they made significant progress," Reid said. "We hope that sometime tomorrow evening we can announce there has been some kind of agreement in principle."

Sen. Judd Gregg, R-N.H., leading the Republicans in the negotiations, said staffers were trying to "clear away the underbrush."

Other Republicans said they want to go slow, CNN reported. House Minority Leader Roy Blunt, R-Mo., said Republicans would not operate on "an artificial timeline."

Rep. Thaddeus McCotter, R-Mich., the Republican Policy Chairman, criticized leaders of his own party, The Hill said. He said the most important consideration is a bill that protects taxpayers.

"With some Republican leaders of Congress imposing an arbitrary deadline of Sunday at midnight on negotiations, the results could prove disastrous for all Americans," McCotter said.