And Ely said the bailout plan can only make it tougher to reach agreement.
But Europe will soon have to confront a financial shortfall in its bailout plan for Greece.
The new financial bailout plan is the largest government intervention in banking since the Great Depression.
He called the three-page bailout plan "stunning and unprecedented, " not only in scope, but also in lack of detail.
The bailout plan had some central planning and some deregulatory aspects to it.
Greece is obliged to raise 9.5bn euros from asset sales by 2016 under an international bailout plan.
Two-thirds say Wall Street will benefit more than the average taxpayer from the new bank bailout plan.
Meanwhile, eurozone finance ministers are due to meet on Friday to thrash out a bailout plan for Cyprus.
Paulson had to scramble to win support from Congress for his bailout plan.
Still, press secretary Robert Gibbs said Tuesday's big sell-off would be the wrong way to measure the bank bailout plan.
Under the current bailout plan, private investors - like banks and insurance companies - agreed to accept losses of about 21%.
Economists of various political stripes generally agree that the government's latest bailout plan was the best option available given the circumstances.
The government said it was basically scrapping the bailout plan it announced with some fanfare two months ago and starting over.
As part of the bailout plan, depositors with more than 100, 000 euros will see some of their savings exchanged for bank shares.
The latest turmoil surrounding the bailout plan will only compound the problems.
They believed, in a rash moment, the Greek prime minister had jeopardised the eurozone bailout plan so painfully constructed in Brussels last week.
Harrisburg City Council members have balked at a state-proposed bailout plan because they claim it places much of the burden on taxpayers without penalizing investors.
WSJ: Steve Malanga: The Many Ways That Cities Cook Their Bond Books
Russian Prime Minister Dmitry Medvedev has scorned the eurozone's bailout plan for Cyprus, accusing EU leaders of behaving "like a bull in a china shop".
BBC: Cyprus government 'to present bailout plan B on Thursday'
More than likely, something akin to the administration's bailout plan--with a few Democratic add-ons--will emerge during the next few days as the final bailout bill.
Both presidential candidates have spoken in favor of the bailout plan.
Last month Raines unveiled a bailout plan that would totally transform the contract between the two, opening a debate that all sides agree was long overdue.
And the 15 European countries that use the Euro as their currency have a new bailout plan worked out at an emergency summit this weekend in Paris.
Comex gold futures prices are trading higher and hit a fresh six-month high Wednesday morning, following a German court ruling that affirmed a European Union bailout plan.
FORBES: Gold Rallies, at 6-Mo. High, Following German Court Ruling
Salter also said McCain called Bush and talked to colleagues in Washington and learned that passage of the bailout plan as it then stood was next to impossible.
Well, this morning, McCain attended, as scheduled, the Clinton Global Initiative in New York City, where he called for lawmakers to put politics aside while crafting the bailout plan.
Either Geithner is suggesting that the IMF succeed in a bailout plan without the U.S. involvement, or he was simply practicing more discretion in his European tour this time around.
FORBES: Geithner To EU: IMF Will Play A Role, But Without Fed Money
Cyprus Crisis: Parliament Rejects Deposit Tax In Bailout Plan.
FORBES: Cyprus Needs a Tax Check-off Like Presidential Campaign Fund
It appears Cypriot officials are considering taxing savings accounts in their domestic banks as a part of an overall banking bailout plan with the European Central Bank and the International Monetary Fund.
FORBES: A.M. Kitco Metals Roundup: Gold Up on Fresh Safe-Haven Demand; EU Worries Resurface
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