Members of Congress negotiating a bailout package for the financial industry emerged from a closed door meeting early Sunday morning and announced they had a tentative agreement.
"We've made great progress. We have to commit it to paper so we can formally agree, but I want to congratulate all the negotiators for all the great work that they have done," said House Speaker Nancy Pelosi.
The late night bargaining session on Saturday illustrated the extraordinary urgency with which the Bush administration, the leaders of both parties in Congress and global financial markets all view this bailout.
But many members have felt themselves whipsawed by plunging market valuations and ongoing talks on a bailout for the past week. They sense a political disaster as details of the plan become known.
NPR's congressional correspondent David Welna talks to host Liane Hansen about the status of the talks.