Dodd Says `We've Got Work to Do' for Financial Rescue Accord

By James Rowley

Sept. 25 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said that lawmakers have ``work to do'' to reach an agreement on a $700 billion financial rescue plan.

Dodd made his comment this morning before a meeting with Republicans to negotiate an accord.

President George W. Bush in a televised address last night urged swift action to help avert ``a long and painful'' recession. The $700 billion proposal would allow the Treasury to buy troubled assets to restore financial stability, Fed Chairman Ben S. Bernanke said yesterday.

Representative Spencer Bachus, the top Republican on the Financial Services Committee, said lawmakers were not close to a deal, as he entered a meeting to negotiate an accord.

House Financial Services Committee Chairman Barney Frank told reporters last night that House and Senate Democrats had reached a deal among themselves on the legislation. Democrats on Frank's panel and the Senate Banking Committee are meeting today with committee Republicans to try to reach an accord.

Michael Steel, a spokesman for House Republican leader John Boehner, said there ``will not be a final deal as a result'' of the meeting this morning. ``We have made some progress but are not nearly at that point,'' Steel said in an e-mail message last night.

``The package is basically done,'' Representative Paul Kanjorski, a Pennsylvania Democrat, told CNBC today. ``The hard issues are resolved. They have to shake hands. They have to smile and they have to have the photo set.''

Bush invited presidential candidates John McCain and Barack Obama, along with congressional leaders, to a meeting at the White House this afternoon to accelerate the talks.

To contact the reporters on this story: Catherine Dodge in Washington, at Cdodge1@bloomberg.net; Roger Runningen in Washington, at rrunningen@bloomberg.net