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| Version 1 | Version 2 |
|---|---|
| '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. | |
| Senior Republican and Democratic leaders have been trying to agree on buying bad debt that is freezing up financial markets. | 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 help the finance sector. | The Bush administration wants $700bn (£380bn) to help the finance sector. |
| Negotiators want to have the outline of a deal 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. |
| But House Republican leaders have criticized some elements of the administration's proposal. | But House Republican leaders have criticized some elements of the administration's proposal. |
| 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 said, at an early morning press 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. | |
| "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. | |
| 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. |