Paul Kanjorski: Bank Bailout Bill 'Basically Done'

Kanjorski, the chairman of the House of Representative's subcommittee on capital markets, made the comments on the proposed bailout legislation in an interview on CNBC Thursday morning.

"The package is basically done, the hard issues are resolved and we are going to move on," Kanjorski said. "Right now, the votes are there for it."

The bill is to include warrants, mortgage relief for homeowners, and curbs on compensation, he said.

Kanjorski predicted the bill could be sent to the president by Saturday or Sunday.

"All the leadership of the Democratic party that aren't in office but have served in these high offices and make these decisions are in basic agreement with all the leadership of this administration that this has to be done and how it's proposed to be done," he said.