Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) have broken the legislative logjam surrounding the crisis in the housing market.

The leaders have asked Senate Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) and ranking member Richard Shelby (R-Ala.) to arrive at a compromise bill by Wednesday.

The Dodd-Shelby measure will serve as the main piece of legislation to which competing amendments can be attached. The leaders hope to take up the bill by Wednesday or soon thereafter.

“This is important.” Reid said. “This is a crisis we have. The only way it’s going to be solved is by working together.”

“I am confident, I am very, very hopeful that this is going to be a breakthrough,” Reid added.

“We’re going to legislate. And we’re going to do it on a bipartisan basis,” McConnell stated.