As of 1:30 p.m., lawmakers had yet to receive any legislative language from the administration.
"I believe that to avoid a deepening crisis and turn this economy around, the proposal must not only address the broader, underlying structural issues in the financial markets, but also protect taxpayers and strengthen the middle class," Reid said in a statement. "We must not forget Main Street as we work to address the crisis on Wall Street."
While lawmakers of both parties have pledged to put politics aside and pass a bill quickly, Reid still managed to work in a shot at President Bush.
“While it is quite clear that the current crisis facing our financial institutions and families is a direct legacy of Bush-McCain economic policies that have failed this nation for eight years, I pledge to work with the White House, Secretary Paulson and Chairman Bernanke to provide relief for struggling Americans and create long-term solutions that will keep this kind of crisis from happening again.”