Sen. Reid says progress made on bailout bill

WASHINGTON (Reuters) - U.S. Senate Majority Leader Harry Reid Saturday said negotiators have made significant progress on a $700 billion Wall Street bailout package that lawmakers said is needed to keep the economy from falling deep into recession.

In remarks to the Senate during a rare Saturday session after congressional staff worked through the night to write legislative language, Reid said negotiators had about 15 issues still unresolved. The Nevada Democrat said he hoped leaders could announce an agreement in principle by Sunday evening.

Reid said lawmakers were still "a long way" from completing the bill, but had made "significant progress."

(Reporting by Donna Smith, Editing by Sandra Maler)