WASHINGTON (CNN) - Senate Majority Leader Harry Reid said Monday the Treasury Department's plan to rid banks of toxic assets carries "the potential for both risk and reward."
But he said the risk of using public money to buy troubled assets is outweighed by the need to act quickly to get credit flowing again.
"The Treasury Department plan is based on the sound principle that if we are to revive our economy, we must unfreeze the credit markets so people can get the loans they need to keep their small businesses open, buy a car or send their children to college," Reid said in a statement.
"Like any investment, this plan carries the potential for both risk and reward. But above all, we must act – one risk we will not take is standing on the sidelines and doing nothing while a bad situation gets worse."