U.S. Rep. Tom Allen today blamed the financial crisis on Wall Street on the "fiscally irresponsible economic policies" of President Bush and his allies in Congress, including U.S. Sen. Susan Collins, his opponent in the race for Senate.

Allen, a Democrat, said that the Collins, a Republican, supported the Bush administration policies that lead to lax oversight over financial markets.

"The Bush administration, with the support of Sen. Collins, has brought the country to the brink of a financial disaster," he said.

Allen spoke at a press conference held in Portland on Wall Street, a small, resedential street near Morrills Corner.

Collins told reporters later at Portland campaign stop that the problem wasn't an issue of too much or not enough regulation.

"What is clear is there was not the right regulation," she said

Allen said he supports the administration's $700 billion bailout package for financial firms on the verge of bankruptcy. But he said the plan needs to allow Congress to have oversight over the United States Treasury. He said it should also limit excessive pay for the executives of financial firms.

The plan calls for the government to buy up bad mortgage loans and take them off the books of financial firms.

Collins said Congress should stay in session until the financial mess is unraveled.

"Right now there seems to be a rush to act on this bill so we can adjourn this weekend," she said. "It's a staggering cost, we shouldn't be a rubber stamp on that. We've got to carefully look at what happened and why."

Collins said Democratic senators in the Senate's Banking Committee have opposed stricter regulation.

Copyright 2008 Portland Press Herald/Maine Sunday Telegram. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.