WASHINGTON -- Congressional Democrats began to set their own terms on Sunday for a plan to rescue the nation's financial institutions, including greater legislative oversight of the Treasury Department, more direct assistance for homeowners and limits on the pay of top executives whose firms seek help.The Democrats' demands came as Treasury Secretary Henry M. Paulson Jr. blanketed the Sunday talk shows to promote the Bush administration's $700 billion bailout package, emphasizing that it was needed not just for Wall Street, but for all Americans. He urged Congress to move swiftly to approve a "clean" rescue plan without tacking on extra programs. "I hate the fact that we have to do it, but it's better than the alternative," Mr. Paulson said on "Fox News Sunday."
The Bush administration proposal could be the largest government bailout of private industry in the nation's history, and it calls for nearly unfettered powers to the Treasury secretary. There is intense pressure to pass a rescue measure quickly because the markets remain jittery.