WASHINGTON (Reuters) - U.S. Senate Majority Leader Harry Reid said on Monday that congressional Democrats accept the need to move quickly on legislation to stabilize the markets and tackle the housing crisis, but a $700-billion (377 billion pound) Bush administration bailout plan is just "a starting point."

"The Bush Administration has called on Congress to rubber stamp its bailout legislation without serious debate or efforts to improve it. That will not happen," said the Nevada Democrat in a statement.

He said, "All of my Democratic colleagues in Congress understand the need to take action to steady our economy, and we are prepared to act swiftly and responsibly."

(Reporting by Kevin Drawbaugh; editing by Carol Bishopric)