Hazardous duty

Treasury Secretary Henry Paulson, who majored in English at Dartmouth College, will have to describe, in plain language, why Congress must pass his financial bailout proposal swiftly.

Paulson is scheduled to testify before the Senate Banking, Housing and Urban Affairs Committee on Tuesday, along with Federal Reserve Chairman Ben Bernanke.

Paulson irritated Banking Committee Chairman Chris Dodd (D-Conn.) last week by seeking permission to skip a Tuesday appearance before the panel while not canceling a speech that day to the Brookings Institution.

But that was last week, when the “only” financial crises were confined to AIG, Merrill Lynch and Lehman Brothers. Now, Paulson points out, the nation’s entire financial structure is at risk.

Understandably, there are skeptics on Capitol Hill. Lawmakers should not rubber-stamp Paulson’s plan without many questions.

Democrats and Republicans have many queries and concerns.

When passing sweeping bills, such as on Medicare or campaign finance, it takes years for Congress to act. But within one, or two weeks, Congress is expected to pass a bailout bill estimated to cost about $700 billion.

How it gets to the finish line of the president’s desk will be the ultimate in sausage-making.

Several prominent members have said that unlike other fast-moving bills, the bailout will not become a Christmas tree.

Without doubt, there needs to be a lot of oversight on whatever gets passed. Will it work? Should there be refinements? What kind of changes are needed to the financial system to ensure this doesn’t happen again?

Congress should hold hearings after the election during a lame-duck session. Waiting until next year is unacceptable.

Like the public, many lawmakers are trying to get a handle on the complexity of the bailout package. Their vote on this legislation could come back to haunt them, or it could be something to tout back home on the campaign trail.

Democrats and Republicans in the House on Monday expressed concerns about Paulson’s plan, but the most significant legislative hurdles are in the Senate.

On Monday, senators who are usually not shy in announcing their intent to launch filibusters were mum on the topic.

Sen. Jim DeMint (R-S.C.) has announced his opposition to the bailout but has not indicated whether he will delay a final vote on Paulson’s plan. Such a move could significantly affect the volatile stock market, and by extension, the global economy.

Amid the intense politics of an election year, Democratic and Republican leaders in the House and Senate face enormous pressure to iron out a deal. It will not be easy.