Congress Mulls $1 Trillion Economic Bailout

— -- The 50 States, 50 Days tour spent part of Day 5 in Washington, D.C. as the Bush administration announced plans of a massive government bailout of Wall Street that could cost American taxpayers in the neighborhood of $1 trillion.

On Good Morning America, Senate Banking Committee Chair Chris Dodd, D-Conn., stressed that both parties would work together to find a solution but emphasized that the "total meltdown of the financial market" was "avoidable."

Treasury Secretary Henry Paulson and Federal Reserve Chair Ben Bernanke briefed congressional leaders Thursday night on the plan, one that would likely require congressional legislation and would allow the government to rescue troubled banks by purchasing their bad assets.

Congressional leaders said Thursday they expected to act quickly on the proposed plan, prior to taking a pre-election recess.