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Reid: Deal Possible By Monday

Harry Reid, emerging from this morning's meeting says the Senate will stay in session until a deal is done and claimed progress is being made. And "there's no reason we can't" do a deal before the opening of the markets on Monday.

Striking an optimistic note -- or taunting the GOP -- Reid said a bill could be drafted by midnight and claimed, "We could vote on it Sunday or Monday with no problem."

He also called on McCain, who remained mostly mum during yesterday's White House meeting, to stake out a clear position: "Let us know where he stands on the issue—but all he does is stand in front of the cameras. We still don’t know were he stands on this issue."

"The time is now for House Republicans to come to the negotiating table and for Presidential politics to leave the negotiating table," Reid said, adding that the presence of McCain and Barack Obama has "been harmful."

Reid added, "It's very fair to say were making progress," but added that "Paulson and Bernanke are going to have to be more realistic" about compromise.

He also said the House GOP needs to be "realistic" too -- and laughed at their inclusion of a capital gains tax cut.

Banking Chairman Chris Dodd is now handing out the "discussion draft" that was agreed upon by a majority of the Senate and House Dems.