LAS VEGAS -- A remarkable thing is taking place in the Senate. Both parties have agreed to stop bickering and pass legislation to help soften the blows of the housing crisis.

The bill -- efforted by Senate Majority Leader Sen. Harry Reid, D-Nev., and Senate Minority Leader Sen. Mitch McConnell, R-Ky. -- is expected to be approved Wednesday morning.

Leaders of both parties came almost hand in hand to the microphones Tuesday at the Capitol to discuss the event. It's a sight so unusual, Reid had to reassure reporters that it was not an April Fool's joke -- it was serious business.

"This is a crisis," Reid said. "We have to work together. We can both go and do separate press avails. The time has come for us to legislate, not continue our bickering."

Amendments will be allowed, but both sides agreed not to introduce any that could derail efforts to move quickly.

During the news conference Tuesday, the senators addressed some key points of the legislation:

The government would provide more money for counseling, which puts lenders together with homeowners trying to avoid foreclosure.
Billions will be available to help state or federal agencies step in and help with the refinancing of sub-prime loans.
A proposal for tax credits for those who buy homes in or near foreclosure.

"This gives us a maximum chance of demonstrating to American public that we can deal with important issues on a bipartisan basis quickly," McConnell said.

Just a month ago, Republicans blocked the Democratic bill that would change bankruptcy laws and give judges the power to reset interest rates in an existing mortgage.

Republicans warned that would make lenders raise all other interest rates and hurt more people than it would help. They said there was no way they would pass it if it comes up again.

Senate leaders asked Democratic Sen. Chris Dodd and Republican Sen. Richard Shelby to put together a bill both parties could agree on by 9 a.m. Wednesday.

The Senate is expected to pass it Wednesday, sending it to the House of Representatives.