Let the speculation around what’s going to be in the economic rescue package begin.

Congressional aides told FOX Business Friday afternoon that the Treasury Department was expecting to send a debt-rescue plan to Congress within 24 hours--so, by Saturday afternoon.

Treasury Secretary Henry Paulson said he was hoping Congress would have the matter resolved by the end of next week. Congress is scheduled to go into recess next Friday for the final election push.

People familiar with the matter told FOX Business’s Peter Barnes that one option being considered would allow institutions could offload their bad debt into the new Treasury bailout entity, and get “capital certificates” in exchange for that debt. When the entity eventually sells the assets, the institution would get the cash. That would clean up institutions’ balance sheets and lessen the risk of writedowns.

Under the plan being discussed, only U.S.-based institutions will be allowed to participate in the relief effort, though it wasn’t clear exactly how that would be defined. A source told FOX Business that hedge funds were unlikely to be included, according to the current thinking.

Assets such as whole loans, collateralized debt obligations (CDOs) and mortgage-backed securities (MBSs) would be eligible. There would be a period of one to two years during which institutions could send those assets to the entity.

Fox News was informed that the legislation would not move through Congress via the usual path; also, that there would be no add-ons or amendments allowed to the legislation, and that the authority for the entity was not expected to be much broader than purchasing securities.

Paulson acknowledged in a news conference early on Friday that this plan will put “hundreds of billions” of taxpayers’ money on the line. But in a prepared statement, he said, “"I am convinced that this bold approach will cost American families far less than the alternative -- a continuing series of financial institution failures and frozen credit markets unable to fund economic expansion.”

Even as these discussions were taking place Friday, opposition was beginning to appear. Texas Congressman Jeb Hensarling, chairman of the House Republican Study Committee, released a statement that said, “At this point, Congress is being asked to support an uncertain entity, costing an uncertain amount of dollars, for an uncertain duration--a decision that will have implications for generations to come and requires absolute certainty.”

The statement continued: “My fear is that taxpayers will be left with the mother of all debts, the federal government becomes the lender and guarantor of last resort, and our nation finds itself on the slippery slope to socialism.”

Financial shares, which had been battered in recent days, rose significantly late Thursday and on Friday in anticipation of the proposal. The Dow Jones Industrial Average finished the session Friday nearly 369 points higher, at 11388.44.

Some steps have already been taken to ease the market turmoil. The Securities and Exchange Commission banned short-selling of 799 financial-company stocks. Also, Paulson said mortgage companies Fannie Mae (FNM) and Freddie Mac (FRE) will increase their purchases of mortgage securities to provide support to the ailing housing market.