Top Democrats 'confident' about new bailout bill

WASHINGTON: Top Democrats Senator Harry Reid and Speaker Nancy Pelosi told President George W. Bush Tuesday they were confident that Congress would soon pass a revived Wall Street rescue plan.

The two top leaders wrote to the weakened president to pledge they would continue to work with the administration, following the shock rejection of a 700 billion dollar rescue package by the House of Representatives on Monday.

"We must continue our bipartisan efforts of the past two weeks to pass a comprehensive bill to help stabilize our financial system and protect the American taxpayer," Senate Majority leader Reid and House speaker Pelosi said.

"We welcome your statement this morning and are committed to working with you and our Republican colleagues to enact a bipartisan bill without further delay."

"Working together, we are confident we will pass a responsible bill in the very near future."

Bush had earlier insisted that the House vote against the package was "not the end."

"The reality is that we are in an urgent situation and the consequences will grow worse each day if we do not act," he said, adding that the cost of the plan was much less than the trillion dollars and more lost on Monday.

The House was expected to attempt to pass a revised version of the legislation after returning to work on Thursday.