House set to vote again on bailout plan

A $700 billion rescue package is getting a second chance in the House of Representatives today, and Long Island?s five congressional representatives say they?ll all vote in favor of the measure. ?Our

News 12 Staff

Oct 3, 2008, 4:09 PM

Updated 5,769 days ago

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A $700 billion rescue package is getting a second chance in the House of Representatives today, and Long Island?s five congressional representatives say they?ll all vote in favor of the measure.
?Our immediate obligation is to restore value to peoples? retirement, their nest eggs,? U.S. Rep. Steve Israel (D-Dix Hills) told News 12 Long Island.
Other local representatives said they?ll vote for the plan, even though they?re not thrilled with it.
Rep. Peter King, (R-Massapequa Park), said he?ll vote yes ?not because it?s perfect, but because we have to do it right now.?
Republicans and Democrats were jumping aboard the bailout as the House sped toward a make-or-break vote, a much-anticipated do-over after the plan met with a stunning defeat Monday, triggering a historic stock market plunge.
It was still unclear, though, whether leaders would have the dozen or so supporters needed to pass the measure.
The plan likely to be voted on in the House would allow the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets from troubled financial institutions. If it works, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.
Added Israel: ?It?s a bad bill that nobody really wants to vote for, but we have to.?
Bailoutpasses Senate, House foes softenHouseof Representatives to vote on revised bailout


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