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Newsday - LI House Delegation to Back $700B Bailout

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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.

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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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