The Treasury Department has made concessions on a $700 billion plan to rescue troubled financial firms amid a mostly hostile backlash from economists and lawmakers, according to a media report.

The Bush administration agreed to allow tougher oversight over the cleanup and provide fresh assistance to homeowners facing foreclosure, two Democratic priorities. Negotiators also neared agreement on allowing the government to take equity stakes in certain companies that participate in the rescue, the Wall Street Journal reports Tuesday.

Differences remain on two big items: possible limits on executive compensation at firms taking advantage of the bailout; and changes to bankruptcy law that would let judges adjust the terms of mortgages, the Journal reports.

Under the plan, the Treasury Department would buy up to $700 billion in bad mortgage-related debt. The hope is that such purchases will stem the financial crisis that has shuttered investment banks, forced mergers and caused panic among investors.

Congressional aides said the House could act on a bailout bill as early as Wednesday, but late Monday no firm timetable for action had been established, the Associated Press reports.

This article was written by a staff member of TheStreet.com.