Bailout deal struck, awaits vote in U.S. House -- UPDATE

McCain, Obama tentatively support rescue plan

The $700 bailout package is now in legislative form, and the president claims it addresses the root cause of the financial crisis and will help it from spreading throughout the economy. Congressional leaders say that the legislation should be ready for floor action in the House later today. Meanwhile on Wall Street, declines of stock index futures suggest that major equity indexes will see declines of at least 2% or more at this morning's open. Wachovia's down 81% and is expected to be acquired by Citigroup today.

Here's a synopsis of the 116-page bailout bill:
• Cost: $700 billion over three installments ($250 billion immediately);
• Who's in charge?: Sec. of the Treasury, but in consultation with others
• Equity stake in participants: Participants must give gov't warrants for stock
• Debt insurance: Participants can pay premiums that guarantee troubled assets
• Oversight: A congressional panel, inspector gen., regular audits and disclosure
• Mortgages: Gov't must approve reasonable adjustments on mortgages it acquires
• Foreign banks: Can participate w/ compulsory stake acquisition by the US gov't
• Executive compensation restrictions: Participants with CEOs with $500K salaries face steep tax consequences

Update (12:35 CDT): The vote is taking place now in the House. Going to be close.