Oregon Public Broadcasting

Oregon lawmakers are offering mixed reactions to President Bush’s $700 billion financial bailout plan.  Under the aid package, the federal government would prop up Wall Street firms by buying up bad mortgage debt.

Democratic Congressman Earl Blumenauer calls the plan a “necessary evil”.  Fellow Democrat David Wu says the proposal isn’t perfect, but it’s better than doing nothing.

But another Democrat, Peter DeFazio blasted the proposal in a speech on the House floor.

Peter DeFazio:  “We shouldn’t be rushed into this.  If it takes a week, two weeks, three weeks, a month -- the world will wait. They’ll wait for a thoughtful plan that cures the disease in addition to getting us beyond this initial problem.”

In the Senate, Democrat Ron Wyden says the Bush plan doesn’t adequately protect taxpayers.  

Republican Gordon Smith says quick action is needed, but he adds the plan should not include a blank check for corporate executives.

Smith’s Democratic challenger, Jeff Merkley issued a statement blaming the Republican incumbent for supporting policies that Merkley says led to the current situation.