Legislators will soon pass $700bn rescue plan’, Bush says.

President George W Bush says that the rescue plan will be passed by the legislators soon, as they will surely rise to the occasion in the current financial crisis. However, he admits that there is disagreement because the proposal is quite big.

According to Senate Majority Leader Harry Reid, who is a Democrat, “lawmakers will stay in session until a deal is reached.”

However, rebel Republicans are still unhappy on buying mortgage-backed assets from US banks.

Some positive signs were seen later on Friday Nancy Pelosi said that some progress was made on the bill.

She also said that Congress was making efforts in right direction, and lawmakers would also do a lot more work over the weekend to reach agreement.

Earlier in the day, the president said “Though there are disagreements over aspects of a rescue plan, there isn’t any disagreement to do something substantial in the current crisis.”

Senator Reid said, “We want to get this done and will stay in session as long as it takes to get it done.”

Mr Reid was expecting that the bill would be drawn up by midnight in the US on Friday, and voting would be done on Sunday or Monday.

He added that “the inclusion of presidential politics in the issue is rather harmful than helpful, as the Republican presidential candidate John has not made his position clear on the rescue package yet.