The Bush administration and Congress returned to the negotiating table Friday on a $700 billion financial bailout, following the collapse of Washington Mutual Inc., according to the Associated Press.
"I'm convinced that by Sunday we will have an agreement that people can understand on this bill," said Massachusetts Rep. Barney Frank, who has played a key role in efforts to avoid an economic crisis.
A deal is moving closer to fruition, said House Speaker Nancy Pelosi, D-Calif., but neither she nor Mr. Frank discussed the specifics of a deal at a press conference in Washington. Negotiations are expected to continue into the evening.
Movement on the deal occurred after President Bush encouraged legislators to "rise to the occasion.”
The legislation would enable the government to purchase distressed mortgages and troubled assets from investors.
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