Senate Majority Leader Harry Reid (D-Nev) insisted Tuesday that limits on executive pay and oversight of the federal bailout program must be included in legislation designed to shore up the financial sector.

Speaking to reporters after the Democrats’ weekly policy luncheon, Reid said he and his colleagues will not be rushed into sending a bill to the president without a full discussion of the benefits and consequences that the government will be assuming.

The Nevada Democrat added that, along with the executive pay provision and oversight, he is considering a provision that would allow judges to renegotiate the loan terms on homes.

“It has to be with certain minimal restrictions that we believe are so important,” Reid said of the legislative package, listing several items including restrictions on executive compensation.

In his testimony before the Senate Banking, Housing and Urban Affairs Committee, Treasury Secretary Henry Paulson on Tuesday agreed with lawmakers that there should be some oversight on the federal bailout plan, but he appeared reluctant to embrace the restrictions on executive pay. Paulson repeated numerous times that he was frustrated that some executives might receive huge payouts from their ailing companies, but he still argued against the salary provision.