President Bush, second from right, meets with congressional leaders during a meeting in the Cabinet Room of the White House, Thursday, Sept. 25, 2008, in Washington to discuss the proposed bailout of the financial industry. Seated from left are Republican presidential candidate Sen. John McCain, R-Ariz., Minority Leader Sen. John A. Boehner, R-Ohio, Speaker of the House Rep. Nancy Pelosi, D-Calif., and Senate Majority Leader Sen. Harry Reid, D-Nev (AP Photo/Pablo Martinez Monsivais)
(CNSNews.com) – “There is overwhelming opposition to the original $700 billion Paulson plan among Republicans in Congress,” Rep. Mike Pence (R-Ind.) told CNSNews.com at the Capitol on Thursday.

“I oppose the Paulson plan and though I believe it’s important for Congress to act in this situation, nationalizing every bad mortgage in America is not the answer,” he said.
 
Under the bailout plan originally proposed by Treasury Secretary Henry Paulson on Sept 20, the Treasury would have the authority to purchase up to $700 billion in motgage-backed securities from financial institutions for the purpose of stabilizing the market.
 
Pence told CNSNews.com that opposition to that original plan among congressional Republicans was so great there was “no need’ to quantify it and said he hopes there will be enough votes to defeat such a plan if it reaches the House floor.
 
Multiple sources in the Capitol, who spoke on the condition of anonymity, told CNSNews.com that there is currently no concerted effort among House Republicans to defeat the plan and that such attempts at organization remain “chaotic.”
 
Pence told CNSNews.com, however, that conservatives in Congress are already working to propose free-market alternatives to offer in place of the Paulson plan.
 
“Republicans are working diligently now to develop free-market alternatives and with the kind of government intervention that is short lived and borne by Wall Street,” Pence told CNSNews.com. “That’s what we are going to fight for.”
 
Meanwhile the congressional leadership, including Senate Majority Leader Harry Reid (D-Nev.) and  House Minority Leader John Boehner(R-Ohio), both of whom met with President Bush on Thursday afternoon to discuss the plan, told CNSNews.com that they are unsure at this point what kind of opposition the plan may face.
 
In a live television address to the nation on Wednesday, President Bush said that the package his administration has proposed is urgently needed to calm the markets and restore confidence in the reeling financial system.