Lawmakers said early Sunday that they have "made great progress" on legislation that would give the Treasury Department the authority to spend up to $700 billion to purchase illiquid assets and that their staffs would be working through the night to get a deal done this weekend. 

Just after midnight, House Speaker Nancy Pelosi, D-Calif., said an agreement in principle had been reached on a number of issues, including forbearance on foreclosures and limits on executive compensation, but that nothing had been "committed to paper."

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