RALEIGH -- North Carolina congressional leaders say have mixed feelings about the government's plan to buy up bad mortgage loans.

The plan calls for taxpayers to hand over $700 billion to banks and other financial institutions.

Peace College political science Professor Dr. David McLennan said the financial buyout is a sensitive subject for lawmakers – especially those who are up for re-election on Capitol Hill in November.

That includes all 13 House seats and Republican Sen. Elizabeth Dole's seat.

"Particularly for Democrats who are in more rural districts, this could be a really difficult issue for them because if they vote on the legislation and it's framed as bailout of Wall Street and nothing is in the bill to help people as far as their own mortgages, in terms of some kind of stimulus package like the Democrats are talking about, that could pose some real issues," McLennan said.

And that issue makes some leaders, like Republican Rep. Walter Jones, uncomfortable.

A member of the Financial Services Committee, Jones said he feels the bailout plan is being pushed too fast.

Another committee member, Democratic Rep. Brad Miller, said he is against the bailout, which could cost taxpayers billions.

"[It's] real money, and it's going to people who got themselves in trouble by their own misconduct. And I am not willing to give them $700 billion to get them out of the financial trouble that they made for themselves without real reforms of that industry," Miller said. "I am not willing to come out of this with the industry as crooked as the one that got us in this mess."

But other Congressional representatives weren't so direct. Of the leaders contacted by News 14 Carolina, Reps. G.K. Butterfield, Howard Coble, Robin Hayes, Patrick Henry, Mike McIntyre, Sue Myrick and David Price all said they want to wait before taking a stance on the issue.

Republican Sen. Elizabeth Dole released a statement through her office Monday saying she was still "skeptical of this proposal."

"This is an absolutely staggering sum of money, and I have very serious concerns that this "rescue plan" could leave taxpayers footing the bill for Wall Street's irresponsible decisions," Dole said in the statement. "I'm just as frustrated about this situation as the many North Carolinians I'm hearing from, and remain committed to protecting the best interest of the taxpayer as negotiations move forward on this legislative package."

Democratic state Sen. Kay Hagan, who's running for Dole's senate seat, also released a statement Monday about the bailout proposal. She said it's outrageous that a Wall Street bailout is necessary and called for the Bush administration to be held accountable.

Hagan said the invest now, regulate later mentality is a failure for both Wall Street and Main Street and that once a bailout arrangement is agreed upon, the financial system must be fixed.

Miller meanwhile, said he is clear on his feelings.

"I am completely unsympathetic to the industry," he said. "I am completely unsympathetic to the business practices that got them in this mess and I am not going to give them a blank check."

A key congressional Democrat said negotiations Monday produced a great deal of progress on the bailout package.

Congressman Barney Frank, D-Ma., said the Bush Administration has agreed to include mortgage aid and congressional oversight.

Democrat presidential candidate and Sen. Barack Obama said the bailout means the government will have to bite down on their budgets.

He said he could save $40 billion by cutting money spent on private contractors.

Meanwhile, John McCain said an oversight board should keep an eye out on the bailout. He said granting Treasury Secretary Henry Paulson all that money and power makes him "uncomfortable."