Veteran area Congressman John Murtha said he is confident that, with a few changes, the Wall Street bailout plan will pass significantly later this week.

Murtha voted for the financial rescue plan on Monday, and on Tuesday he held a news conference to weigh in on the crisis.

Via video conference with local media and district offices, Murtha said he will stay in Washington, D.C., in case he's needed.

Murtha said his office has been deluged with phone calls about the issue, 50 to one against what his constituents call a bailout for Wall Street. He said the plane goes way beyond that, and assured taxpayers that "the party is over for Wall Street."

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Murtha said the plan puts safeguards, regulations and oversight in place that will stop Wall Street excesses, cap high salaries, and help stabilized the market.

On Monday, $1 trillion was lost in the stock market's dive.

"People are scared. They're worried. Their pension funds are at stake. Their 401(k)s, their money market funds are at stake. So this is the most serious crisis I can remember since I've been here," Murtha said.

He said the plunge could be enough to change the minds of those who voted against the financial rescue plan. He suggested making another slight change by raising federal deposit insurance from $100,000 to $250,000 to again help make the banking system more secure and restore taxpayers' confidence in the nation's financial system.