The historic $700 billion bailout plan for the troubled U.S. financial system is expected to pass both houses in Congress this week.

U.S. House of Representatives Speaker Nancy Pelosi, D-Calif., said she hoped the chamber would take up the bill Monday while Senate Majority Leader Harry Reid, D-Nev., said he thought senators can move on the legislation by Wednesday, CNN Money reported.

Provisions added by Congress after days of contentious negotiations will protect taxpayers from having to pay for the bailout, Pelosi said.

Presidential candidates Sens. Barack Obama, D-Ill., and John McCain, R-Ariz., indicated cautious support for the legislation, The New York Times reported.

The bill calls for U.S. taxpayers to purchase billions of dollars worth of so-called toxic mortgage-backed derivative securities held by Wall Street firms at the heart of the financial crisis, with a goal of reselling them at a profit at a later date.

The $700 billion would be disbursed in stages, with $250 billion made available immediately, CNN Money said. The measure also would limit compensation and golden parachutes for executives at companies selling mortgage assets to the Treasury. The bill also includes provisions for overseeing the program and would provide some assistance to help stem foreclosures.

Conservative House Republicans, who ardently opposed earlier versions, indicated they would support the measure.

"Nobody wants to have to support this bill but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, said.