by Laura Conaway

Congressional leaders say they've reached a deal on the $700 billion Wall Street bailout. The full body is expected to vote on the proposal today — with dissenters on both sides of the aisle continuing to call it a gutting of the free market and a gift to the financial wizards who got the economy into this mess.

 

The proposal gives Treasury Secretary Henry Paulson a walloping dose of power to do as he sees fit in buying up troubled assets, although it does give him less money than the White House wanted. In its latest version, the bill spots Paulson $250 billion to spend right away, with another $100 billion there for the asking. The president can then ask for another $350 billion, subject to overruling by Congress.

The bill includes limits on executive pay and provides the government a chance to take some ownership of the firms to which it provides help. This means taxpayers could recoup some or all of the money, or even turn a profit.

This morning, the stock market is looking somewhat pale. Investors are worried that the revamped bill still won't pass, for one thing, and the credit market remains uncomfortably tight. Foreign trading fell off in major markets, and AP is leading with "Stocks head for lower open ahead of bailout vote." It's going to be a long, long day on Planet Money.