Congress outlines rescue deal

US congressional leaders have agreed a deal on a proposed 480 billion euro bail-out of financial institutions amid the worst economic crisis since the Great Depression.

Leaders of the Senate and The House of Representatives emerged from behind closed doors after late-night talks.

House Speaker Nancy Pelosi said: “We’ve made great progress, we have to commit it to paper so that we can formally agree, but I want to congratulate all the negotiators for the great work that they have done.”

Before the marathon session began Pelosi said the aim was to reach a deal that not only brought stability to the markets but first and foremost, protected the taxpayer.

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