Deal said to be near on big financial bailout plan

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Compromise close on $700 billion bailout as Bush plans White House summit seeking quick deal

House Speaker Nancy Pelosi voiced hope Thursday that a White House accommodation with congressional leaders on protections for taxpayers will help speed agreement on a bill to stabilize distressed financial markets.

Pelosi spoke to reporters as Democratic and Republican negotiators worked in a closed-door meeting on Capitol Hill to nail down the outline of an agreement by the end of the day. The pace of developments was quickening in advance of a highly-anticipated meeting that President Bush will hold with leading lawmakers and presidential nominees John McCain and Barack Obama later in the day.

Bush told the nation in a TELevised address Wednesday night that passage of the $700 billion bailout package his administration has proposed is urgently needed to calm the markets and restore confidence in the reeling financial system. And his top spokeswoman, Dana Perino, said Thursday she thought "significant progress" was being made.