Both candidates for the U.S. Senate — Democrat Tom Udall and Republican Steve Pearce — weighed in on the bailout. The candidates, who are sitting members of Congress, both expressed skepticism.

"With $700 billion of taxpayer money on the line and the American economy at stake, I am working with my colleagues on both sides of the aisle to ensure that the federal response to the current crisis is as effective and responsible as possible," Udall said in a statement. "We cannot give (Treasury) Secretary (Henry M.) Paulson and Wall Street a blank check with no oversight. Recovery by way of taxpayer dollars must be closely monitored by independent overseers, and Wall Street must accept new rules to help ensure that we do not face a similar financial crisis in the future. Additionally, corporate executives must know that they will not get golden parachutes while the American taxpayer is forced to pay the bill."

Pearce, who is a member of the House Financial Services Committee, said the proposal "establishes a dangerous precedent."

"Why is the federal government bailing out billionaires who knowingly made risky decisions?" Pearce said in a statement. "The federal government doesn't bail average Americans out of their school loans, car payments or mortgages. If we expect average Americans to make good decisions and own up to them, we certainly should expect the same of Wall Street. The citizens of New Mexico should not be burdened with huge tax increases in order to bail out large financial institutions. Foreign banks should own up to their commitments as well. ... Further, we should not reward the greed exercised by executives who walked away with millions of dollars in bonuses by giving the bill to taxpayers. Those who took the risk and drove their companies into the ground should be responsible for the consequences."