LI congressmen say taxpayers need their own bailout

Following the $700 billion plan to bailout Wall Street, Long Island congressmen Steve Israel and Peter King say there?s a need for taxpayer help, but the two disagree on when Congress should attempt to

News 12 Staff

Sep 22, 2008, 1:25 PM

Updated 5,782 days ago

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Following the $700 billion plan to bailout Wall Street, Long Island congressmen Steve Israel and Peter King say there?s a need for taxpayer help, but the two disagree on when Congress should attempt to pass that legislation.
The plan for a major bailout by the federal government sent stocks soaring at the end of last week, but left some wondering if it will only help Wall Street, or if average taxpayers will receive much-needed benefits too.
Treasury Secretary Henry Paulson told Fox News Sunday the bailout will do both, but many disagree.
?This program in and of itself is designed to minimize the cost to the American public and the taxpayer, there's a much greater risk in not doing this than doing it,? he says.
Israel (D-Dix Hills) says the plan needs to do more to help people affected by home foreclosures and to stimulate the economy.
?The plan that they submitted yesterday doesn't have one verb in it for the middle class,? Israel says.
On the other side of the aisle, King (R-Seaford) says while those two topics are important, the Congress first needs to pass bailout legislation quickly.
?This plan isn't necessarily to help Wall Street,? King says. ?It's to help the entire economy. Obviously, there are going to be some additions to it. We shouldn't be loading it down, though, to make it more difficult to pass. The important thing is to pass this system, pass this plan.?


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