Gregg: Republican bailout charges 'a touch over the top'

Sen. Judd Gregg (R-N.H.) said Tuesday night that some Republican attacks on the Democratic financial overhaul bill are, "a touch over the top."

House and Senate Republicans on Tuesday repeatedly criticized Democratic efforts on financial reform as perpetuating taxpayer-funded bailouts. Congressional Demcorats and the White House support a bill that creates a fund, paid for by the industry, that would cover the costs of dissolving failing financial firms. They argue this ends taxpayer bailouts.

Senate Minority Leader Mitch McConnell (R-Ky.) on the Senate floor said the bill would "institutionalize" bailouts.

Asked on CNN's "John King USA" about the criticism of "open-ended bailouts", Gregg said it went a bit too far.

"That's a touch over the top," Gregg said, "but they do the problem that they have created an atmosphere and the bill does not kill the atmosphere."

Gregg was a prominent negotiator in favor of the $700 billion financial bailout passed in 2008, and implemented by both President George W. Bush and President Barack Obama.