WASHINGTON - Key lawmakers who struck a post-midnight deal on a $700 billion bailout for the financial industry predicted Sunday it would pass Congress, putting in place the largest government intervention in markets since the Great Depression.

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Flexing its political muscle, Congress insisted upon a package that gives lawmakers a stronger palm in controlling the money than the Bush administration had wanted. The rescue concoct casts Washington’s long shadow over Wall Street with the federal government taking over huge amounts of devalued assets from beleaguered financial firms in exchange for more oversight.

Under the design, lawmakers could block half the standard of value and force the president to jump through some hoops before using it all. The direction could get at $250 billion immediately, $100 billion more whether the president certified it was requirement, and the last $350 billion with a separate certification — and subject to a congressional dispersion of disapproval.

Still, the resolution could exist vetoed by the president, meaning it would take extra-large congressional majorities to stop it.

The proposal is designed to end a vicious down worm that has battered all levels of the economy, in which hundreds of billions of dollars in investments based on mortgages gone bad have cramped banks’ willingness to lend.

Lawmakers had to navigate between out of temper voters — great number of whom eye the plan at the same time that a set free bale for the wealthy on Wall Street — and Bush administration officials who warned that inaction would cause the economy to seize up and spiral into recession.

Negotiators sought Sunday to iron out the final shape of the legislation, which House Republicans still had to review. It was their fierce opposition to a treaty rescue that nearly torpedoed an emerging bipartisan pact late in the week.

But officials in both parties were hopeful for a House vote Monday, and the two presidential candidates said they probably would support it.

“This is the bottom line: If we do not do this, the trauma, the chaos and the disruption to everyday Americans’ lives be inclined be overwhelming, and that’s a price we can’t endure to risk paying,” Sen. Judd Gregg, the chief Senate Republican in the talks, told The Associated Press on Sunday. “I do think we’ll be able to be passed by it, and it will be a bipartisan vote.”

A breakthrough came when Democrats agreed to incorporate a GOP call for — letting the dominion insure some bad home loans rather than buy them — designed to limit the sum total of federal money used in the rescue.

Another weighty bargain, very necessary to attracting support from centrist Democrats and Republicans who are fiscal hawks, would require that the government, succeeding five years, resign a plan to Congress on in what way to recoup any one losses.

The presidential nominees came behind the outlines of the bailout.

“This is something that the whole of of us will swallow forcibly and go forward with,” said Republican Sen. John McCain of Arizona. “The preference of doing nothing is simply not an acceptable option.”

His Democratic opponent, Illinois Sen. Barack Obama, sought credit for taxpayer safeguards added to the initial proposal from the Bush administration. “I was pushing very callous and involved in shaping those provisions,” he said.

House Republicans said they’re still reviewing the plan.

“We are not ready to say that a deal is done,” Rep. Eric Cantor, R-Va.

Congressional leaders announced a tentative deal in the early hours of Sunday morning hind marathon negotiations at the Capitol.

“We’ve still got more to accomplish to finalize it, but I think we’re in that place,” aforesaid Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

Executives whose companies benefit from the redeem could not get “golden parachutes” and would see their pay packages limited.

The government would derive stock warrants in go for the bailout projection, giving taxpayers a chance to share in financial companies’ future profits.

To help struggling homeowners, the plan requires the government to try renegotiating the shabby mortgages it acquires with the aim of lowering borrowers’ monthly payments thus they be able to keep their homes.

“Nobody got everything they wanted,” said Democratic Rep. Barney Frank of Massachusetts, presiding officer of the House Financial Services Committee. He predicted it would make over, though not by a large majority.

Gregg, R-N.H., aforesaid he thinks taxpayers bequeath come out as financial winners. “I don’t think we’re going to lose money, myself. We may, it’session possible, but I irresolution it in the long run,” he said.