WASHINGTON — Senators of both parties today took issue with parts of the $700 billion to buy illiquid assets from financial institutions and the speed with which it has been moving through Congress.

“I understand speed is important. But I am far more interested in whether or not we get this right. There is no second act to this,” Senate Banking Committee Chairman Christopher Dodd (D-Conn.) said in his opening statement at the panel's hearing.

Senator Richard C. Shelby (R-Ala.), his party's ranking member on the panel said “before I sign off on something of this magnitude, I want to make sure we've exhausted the alternatives”

“It's financial socialism, and it's un-American,” said Sen. Jim Bunning (R-Ky.).

The hearing is designed to give lawmakers a chance to question top officials about the plan, which would give the Treasury Department the authority to buy illiquid assets from credit unions and banks.

In answer to a question, Treasury Secretary Henry Paulson said that while not everyone facing foreclosure would be able to keep their homes, the plan would help revitalize the housing market by giving financial institutions additional money to lend.