Pushed against a wall with a take-it-or-leave-it offer when negotiating for a car, Congressman Sam Graves said he knows to step back for more thought. The financial bailout proposal working its way through the U.S. House gives him similar reason for pause.

The high price tag and the heavily accelerated timetable have the Northwest Missouri lawmaker concerned.

“That tells me I better step away and take a closer look at this thing,” Mr. Graves said Saturday. “Seven hundred billion dollars, that’s an awful lot of money to risk on something that folks are very unsure about.”

Mr. Graves spoke by phone from Capitol Hill, where Congress may be asked today to approve what has been discussed as a $700 billion rescue of Wall Street institutions struggling under the weight of a financial crisis not seen since the 1930s.

Congressional and Bush administration negotiators worked into the early hours Saturday putting together a plan intended for long-term recovery but also to calm the stock market.

The Republican from Tarkio voiced his reservations, calling the legislation being discussed too big, too hasty, too onerous for taxpayers and too lenient for offenders.

Mr. Graves said he would like to see more private equity used in the rescue plan and wants to ensure no “garbage” makes its way into the bill’s final writing.

Finally, he remains unconvinced the plan will have its desired effect.

“I’m not going to risk my district’s tax dollars on something we’re not sure about without taking a look at all the other options,” he said. “This deserves a lot more study.”

While Congress went about other business in heading toward a pre-election adjournment, Mr. Graves described the atmosphere last week as tense because of the bailout talks. He lamented that alternative plans, such as one offered by Virginia Rep. Eric Cantor, got little consideration in the process.

The Cantor alternative, he said, focuses on insurance for bad mortgages, relieves some of the obligation on taxpayers and more properly puts the burden of recovery on those who created the problem.

The Missouri representative said immediate steps could be taken to ensure transparency in the financial system and update FDR-era regulations to include more modern market conditions.

“We may be back to status quo in six months, but we as taxpayers will pay for it for 20 years,” Mr. Graves said.

Kay Barnes, the Democrat opposing Mr. Graves in the 6th District House race, spoke in St. Joseph Saturday and said she had no inside knowledge of the negotiations.

She added, though, “I am confident that there will be measures in whatever is passed for oversight, for increased regulation and for transparency.”

Ken Newton can be reached at kenn@npgco.com.