Henry Paulson

U.S. Sen. Jim Bunning: Getty Images PhotoDuring a Senate Banking committee meeting, U.S. Sen. Jim Bunning (R-Southgate) upped the ante in his opposition to legislation that would give the federal Treasury the ability to invest directly into mortgage lenders Fannie Mae and Freddie Mac - institutions that previously supported Bunning's campaigns.

"When I picked up my newspaper yesterday, I thought I woke up in France. But, no, it turned out it was socialism here in the United States and very -- going well," said Bunning of the legislation, according to a Washington Post report.

The newest plan to help the two mortgage companies is supported by President Bush and has a chief proponent in Treasury Secretary Henry Paulson.

The legislation would remove caps on how much the Treasury could lend to the two companies. The Treasury would also be allowed to purchase equities in the firms.