Tentative Deal on Bailout?

We'll see:

WASHINGTON — Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of billions of dollars.

The House could vote on it Sunday and the Senate on Monday. House Speaker Nancy Pelosi announced the accord just after midnight Saturday and said it still has to be put on paper.

Pelosi said Congressional aides will be working all night to hammer out the deal.

Treasury Secretary Henry Paulson talked of finalizing the deal but added: "I think we're there."

Minority Whip Roy Blunt said Republicans 'need to look at the final wording on paper tomorrow.'

The plan would spend up to $700 billion, most of it on buying deeply devalued mortgages from the housing market's collapse and other bad loans held by tottering banks and other investors.

The aim is to prevent credit from drying up and causing a meltdown of the U.S. economy.

The devil's in the details. Is ACORN still getting a big check? Are new taxes being imposed on Wall Street? What will the GOP Republicans find in the actual written bill and will they still support it?

It's not over yet.

UPDATE: Part of the urgency driving this agreement is the opening of the Asian stock markets which will take place on Sunday afternoon West Coast time. If there isn't a pretty firm deal ready to go Asian markets could take a dump and set off a chain reaction around the world as other markets start the new week. I just get the feeling the economic stability of the world is balanced on the edge of a precipice that we don't want to go over.