In a statement announcing his objections, DeMint did not say whether he planned to filibuster the proposal, The Hill reported.

"After reviewing the administration's proposed bailout plan, I believe it is completely unacceptable," said DeMint, Senate Republican Steering Committee chairman. "This plan does nothing to address the misguided government policies that created this mess and it could make matters much worse by socializing an entire sector of the U.S. economy."

The plan to stabilize U.S. financial markets pressed by Treasury Secretary Henry Paulson also "fails to oversee or regulate the government failures that led to this crisis," DeMint said.

Several other Republicans expressed misgivings about approving the proposal as is, the Washington publication reported.

Democrats also expressed concern. Sen. Christopher Dodd, D-Conn., Senate Budget Committee chairman, said he wanted to ensure any measure passed by Congress included accountability and safeguards for taxpayers and homeowners.

Senate Majority Leader Harry Reid of Nevada said Congress would not "rubber stamp (the) bailout legislation without serious debate or efforts to improve it."

"Democrats believe that there should be protection for the taxpayers who are footing the bill for this legislation," Reid said. "That begins with more oversight, more transparency, more accountability and more controls to prevent conflicts of interest."