With the House expected to vote on the bill sometime on Monday, Gregg called for swift action on the bill Sunday afternoon. The Senate is scheduled to adjourn from sundown on Monday night until Thursday morning for the Jewish holiday Rosh Hashana.
Gregg, who has been leading negotiations for Senate Republicans, warned of dire consequences for Wall Street if talks on the bailout bill collapsed.
“The people I talked to said that this was worse than anything they had ever seen,” he said.
Gregg said the various financial experts he spoke with outlined “specific and graphic” scenarios that would ensue if Congress failed to act.
However, Gregg praised the latest compromise, arguing that in the end it will benefit taxpayers.
“My gut tells me we are going to make money on this,” he said.