By Bob Mook

U.S. Rep. Diana DeGette said Tuesday that a $700 billion plan to bail out the nation’s troubled financial system failed in Congress on Monday because politicians failed to adequately explain the seriousness of the crisis to their constituents.

"I seriously think they don’t realize how much this would affect people," DeGette, D-Colo., said during a press conference.

DeGette, one of three members of the Colorado delegation who voted in favor of the package, said while she had qualms about the bill, she voted "yes" in hopes of preventing a credit crisis that could ultimately block many small businesses from meeting payroll and cause millions of job losses.

The congresswoman said she believed some of her colleagues cast "no" votes assuming that the bill would succeed. That way, there would be less fallout from constituents angry that so many tax dollars are effectively bailing out Wall Street.

"You can’t make this kind of decision based on phone calls coming into the office," she said.

DeGette said leaders need to highlight that the so-called bailout package would be repaid once the assets are sold when the economy improves.

She also noted the bailout would have imposed limits on executive compensation of companies getting help and would have create strong oversight over how the money was to be allocated.

DeGette said that Congress will attempt to tackle the issue again on Thursday. She said she’s hopeful that the delay will give lawmakers a chance to "take a deep breath" and approach the problem anew.

The congresswoman said she wasn’t aware of any alternative plans that don’t involve a bailout. She ruled out the notion of letting the market correct itself without government intervention — something some conservative Republicans have suggested.

DeGette declined to comment on why Democratic Reps. Ken Salazar and Mark Udall voted against the bill along with Republican Reps. Doug Lamborn and Marilyn Musgrave.

She did say she was "surprised" that she voted with Rep. Tom Tancredo, a Republican representing the conservative 6th Congressional District. Democratic Rep. Ed Perlmutter also voted in favor of the bill.