White House says delaying bailout is ‘unthinkable’

The White House on Tuesday stressed the urgency of the financial crisis, saying that it would oppose any effort by Congress to delay passing bailout legislation until next week. 

White House spokesman Tony Fratto, speaking on a conference call with reporters, said members of Congress are being briefed in groups and individually by administration officials, including Vice President Cheney, who was on Capitol Hill Tuesday, and they have had enough time to act on a legislative package this week.

{mosads}"There should be no question out there that this plan will get done this week," Fratto said. "There is bipartisan consensus that it needs to get done."

Fratto added that any suggestion Congress might take more time passing what is now a proposed $700 billion bailout package is "unthinkable."

The White House also said Tuesday that the administration agrees with the presidential candidates and wary members of Congress that a strict oversight system needs to be put in place for the plan.

"This is a very big program," Fratto said. "It's never been done before. And we will insist that there be very strong and robust transparent oversight and review of this program."

Fratto declined to comment on a proposed oversight board, but said the White House is insisting on "safeguards" that would help put the minds of taxpayers at ease.

"As we've said, it involves a lot of money. We think we're going to be able to return a lot of that money to the American taxpayer over time and get the benefits of stable markets and a better functioning American economy," Fratto said. "But we understand there is a lot of interest in how the program will be run, how effective it will be, what will be the safeguards in it, and we insist, as much as anybody does, on a robust system of oversight."

Presidential candidates Sens. Barack Obama (D-Ill.) and John McCain (R-Ariz.) reacted to the administration's plan with a degree of hesitation, agreeing only that an oversight mechanism needs to be included in any plan.