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Newsday - LI House Delegation to Back $700B Bailout

News Article

Location: Washington, DC

Newsday - LI House Delegation to Back $700B Bailout

Members of Long Island's congressional delegation said they will vote today for a $700-billion rescue of the country's financial markets.

The lawmakers said the bill's provisions that were most critical to them included helping homeowners avoid foreclosures, ending so-called "golden parachutes" for corporate executives and allowing taxpayers to recoup any potential losses.


Long Island delegates said they are acting to restore confidence and liquidity in the markets.

"Nobody wants to have to do this, but I just don't see the alternative at this stage," Rep. Peter King (R-Seaford) said. "... I see it as protecting small businesses and protecting people who have 401(k)s and pensions and student loans and credit cards."


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