House To Take Up Wall Street Bailout Bill

The House will begin debate this morning on a hugely controversial $700 billion bailout bill for Wall Street, with a final vote expected later today. The Senate is expected to take up the proposal on Wednesday.

There will be three hours of debate on the bill, and no motion to recommit the legislation to committee will be allowed, leaving opponents with one less chance to defeat it.

House Democratic and GOP lawmakers met last night to review the unprecedented legislation, and while party leaders and White House officials are predicting its passage, no one is overly confident. Large blocs of members on both sides are opposed to the measure, which will give the Treasury Department authority to buy up to $700 billion in "toxic" assets from financial services companies.