Bail-out announcement in quotes

US lawmakers have reached bipartisan agreement on a $700bn (�380bn) deal to rescue the financial sector. The draft now goes before in the House and the Senate for approval. Here is what the Congressional leaders involved in the negotiations said about the deal.

PRESIDENT GEORGE W BUSH

This plan sends a strong signal to markets around the world that the United States is serious about restoring confidence and stability to our financial system. Without this rescue plan, the costs to the American economy could be disastrous.

NANCY PELOSI, DEMOCRAT, HOUSE SPEAKER

The party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the US taxpayer bail out the recklessness of Wall Street. And that's the news that this legislation brings.

HARRY REID, DEMOCRAT, SENATE MAJORITY LEADER

We received from the Treasury Department a few days ago a three-and-a-half page bill giving unfettered discretion to the [treasury] secretary to do basically anything he wanted to do with $700bn. As the Speaker mentioned, there is now a bill on the internet and it's very clear that it's no longer unfettered discretion.

Every American has an interest in fixing this crisis. Inaction would paralyse the economy.

JOHN BOEHNER, HOUSE OF REPRESENTATIVES REPUBLICAN LEADER

Nobody wants to have to support this bill. I'm encouraging every member whose conscience will allow them to support this.

CHRISTOPHER DODD, DEMOCRAT, CHAIRMAN SENATE BANKING COMMITTEE

I don't know of anyone here who wants the centre of the economic universe to be Washington... [But] the centre of gravity is here temporarily... God forbid it's here any longer than it takes to get credit moving again.

ROY BLUNT, LEAD REPUBLICAN NEGOTIATOR

As long as we were bailing out somebody, that didn't make sense to the American people.

But we're working through a problem that ensures that the American people can continue to have access to credit, to start building businesses, to build houses, to do the things that they need to do for themselves and their family, it does begin to make sense.

BARNEY FRANK, DEMOCRAT, HOUSE FINANCIAL SERVICES COMMITTEE CHAIRMAN

This will be the first time in the history of the United States that anything has been done by Congress to curtail excessive CEO compensation.

JIM NUSSLE, DIRECTOR, WHITE HOUSE OFFICE OF MANAGEMENT OF BUDGET

No one knows just how much these assets will sell for, but since 90% of mortgages are currently being paid on time and in full, we can expect a substantial payback on our investment.

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