CNN MONEY
September 27, 2008: 8:42 PM ET
Rescue talks revived
$700B financial bailout negotiations restart Saturday. Resolution timetable murky
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NEW YORK (CNNMoney.com) -- Negotiators from Capitol Hill and the Bush administration resumed talks Saturday, a week after the administration proposed a $700 billion bailout of the financial system.
Their goal: to craft and announce a final deal on legislation by Sunday evening - in time for the start of financial markets around the world.
The next steps were not clear Saturday night, but lawmakers said they were confident they could reach consensus soon.
Senate Majority Leader Harry Reid, D-Nev., speaking on the Senate floor, said a number of issues remain to be resolved. "The goal is to try to come up with a final agreement by tomorrow."
House Speaker Nancy Pelosi, D-Calif., said negotiations were going "OK," and that speed was necessary. "I just want to do this in as timely fashion as possible, so the markets get an early, clear, certain message," she said.
Pushing the talks forward was a decision by key lawmakers to get together and meet starting on Saturday afternoon.
"When we get in that room as principals, we will stay there until we reach an agreement," said Sen. Judd Gregg, R-N.H. "Or if we can't reach an agreement, we'll stay until we've done something" to address the issue "in a comprehensive and effective way, hopefully."
"The progress we're making is good and I can say with some confidence that we've basically moved this thing down the road a long way toward reaching an agreement," Gregg added.
Senate Minority Leader Mitch McConnell, R-Ky., said that the "goal" was to have a vote on Monday.
A group of House Republicans, who earlier resisted efforts to quickly pass a bailout package, on Saturday afternoon said they were about to rejoin the talks but would not be held to any "artificial timelines."
Still, House Republicans said they remained confident a deal can be reached. They said they remain committed to finding a compromise that helps the financial system but protects taxpayers.
"It's important we move, but it's important we move with discretion," said House minority leader John Boehner, R-Ohio. "The American people sent us here to protect their tax dollars."