EL PASO, Texas -- U.S. Rep. Silvestre Reyes said only the vote on the Iraq war would compare to the vote on the $700 billion financial bailout plan.

"It's been a very tumultuous two weeks," said Reyes. "Make sure that there is strong effort with this bill to stabilize the economy, because we don't want a recession."

The $700 billion would go to financial companies with troubled mortgages. Reyes was in the middle of sifting through the bill with four staffers when he spoke to KFOX, and he said questions still remain.

"As we're going through this, we have to get these questions answered before I can decide whether or not I can support them," said Reyes.

Residents KFOX spoke to on Sunday felt divided on how effective the plan will be.

"I think they really had no choice to do it because if the economy collapses, then it will be worse than now," said James Stewart from West El Paso.

"I don't know if it's going to work. I don't think in the long run it's going to," said Kimberly Clark, also from West El Paso.

Many liked parts of the plan, including limiting golden parachutes, or compensation for the financial company executives.

"I don't think that they should be awarded for what's happening. I think they really need to watch and limit that," said Carlos Colantonio, visiting El Paso from his home in San Antonio.

Most liked the creation of an oversight board to monitor the Treasury and the federal program.

"Somebody has to be accountable especially using taxpayer's money, you should know where it's going and how it's being spent," said Stewart.

Reyes did hint that it would be irresponsible to do nothing and let the economy spiral out of control. Reyes also firmly put the blame of this economic crisis on the Bush administration and previous Republican-run Congresses.