WASHINGTON (Reuters) - The White House on Sunday said it was pleased with the progress made toward agreement on a $700 billion financial bailout plan being negotiated with Congress and commended the bipartisan effort in crafting the legislation.
“We’re pleased with the progress tonight and appreciate the bipartisan effort to stabilize our financial markets and protect our economy,” White House spokesman Tony Fratto said.
U.S. President George W. Bush spoke with House Speaker Nancy Pelosi earlier on Saturday evening about the negotiations on Capitol Hill, Fratto said.
House Republicans had balked at the proposal the White House sent to Congress but talks appeared to have addressed some of their concerns.
A senior administration official, on condition of anonymity, said a deal was “very close” but would not be finalized until lawmakers had a chance to look at the legislative language that was drafted.
“We’re very pleased with what we’ve been able to agree on,” the official said. “We’re very confident that we’ll be able to announce a deal on Sunday.”
Reporting by Tabassum Zakaria; Editing by bill Trott