Speaking in interviews with CNBC and Bloomberg Television on Wednesday, Senator Chuck Schumer said it is "highly likely" that the U.S. financial market bailout plan would pass sometime in the next two weeks, but not before some modification.

The plan that will be passed will be similar to the one proposed by U.S. Treasury Secretary Henry Paulson, said Schumer, adding there will be limits on executive compensation for firms that sign up to the plan embedded in the legislation.

While there is much disagreement on Capitol Hill about what should go into the law, the senator said all parties agree that inaction would be more detrimental to the economy, and that the legislation needs to protect the taxpayer and include provisions to further limit preventable foreclosures.

The lawmaker's comments come on the heels of testimony from Fed Chairman Ben Bernanke and U.S. Treasury Secretary Henry Paulson at the Senate Banking Committee on Tuesday. Both members will face the Financial Services Committee later on Wednesday.

By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008