Bailout doesn't ease taxpayers' worries

Congressional leaders began to lay out the details of a historic bailout deal Sunday afternoon, and hope to seal the deal in time for Monday morning trading. ?We've made great progress toward a deal

News 12 Staff

Sep 29, 2008, 2:35 AM

Updated 5,715 days ago

Share:

Bailout doesn't ease taxpayers' worries
Congressional leaders began to lay out the details of a historic bailout deal Sunday afternoon, and hope to seal the deal in time for Monday morning trading.
?We've made great progress toward a deal that will work for all America,? U.S. Treasury Secretary Henry Paulson says.
The news comes as a relief to millions of worried Americans.?Hopefully they can get it together, but it's not a great situation at all, obviously,? says Ed Beglan, of Yonkers.Larry Stanler, of Yonkers, wants a deal as soon as possible. ?Right now we are in such bad shape, they have to do something,? he says.
On Sunday, Congressional leaders and the Bush administration announced they've agreed on the specifics of the $700 billion bailout plan and expect to vote on it by Monday.
Details of the proposed plan include: the option to insure bad home loans rather than buy them; limiting executive severance pay; requiring financial firms to repay the government with interest for any losses after five years; and creating stocks for taxpayer profit share.
Lawmakers say the bailout will allow troubled lenders to keep credit lines open and continue to make new loans.


More from News 12
0:22
Yorktown police: 2 missing Westchester teens located

Yorktown police: 2 missing Westchester teens located

2:25
STORM WATCH: Severe thunderstorms with hail possible Thursday before beautiful conditions on Friday

STORM WATCH: Severe thunderstorms with hail possible Thursday before beautiful conditions on Friday

1:56
Realtors association speaks out against Mount Vernon real estate transfer tax hike

Realtors association speaks out against Mount Vernon real estate transfer tax hike

1:40
Officials: Dozens of suspects rounded up in raids as part of ‘largest gun trafficking case’ in Orange County history

Officials: Dozens of suspects rounded up in raids as part of ‘largest gun trafficking case’ in Orange County history

2:36
Meet the majority owner of Westchester Soccer Club, the county's new USL team

Meet the majority owner of Westchester Soccer Club, the county's new USL team

0:37
ArtsWestchester names long-time official as its CEO

ArtsWestchester names long-time official as its CEO

2:31
Questions over affordable housing in Mamaroneck at center of community meeting

Questions over affordable housing in Mamaroneck at center of community meeting

0:40
​​City of Yonkers receives designation as WWII Heritage City

​​City of Yonkers receives designation as WWII Heritage City

1:45
Rockland school district's $331M budget fails to pass by nearly 400 votes

Rockland school district's $331M budget fails to pass by nearly 400 votes

1:41
Mount Vernon catches up on inspections of community public spaces

Mount Vernon catches up on inspections of community public spaces

0:56
Mount Vernon native Sean 'Diddy' Combs faces another sexual assault lawsuit

Mount Vernon native Sean 'Diddy' Combs faces another sexual assault lawsuit

1:40
Newburgh school district leaders face difficult choices after voters reject budget

Newburgh school district leaders face difficult choices after voters reject budget

RESULTS: News 12 Westchester/Hudson Valley School Vote 2024

RESULTS: News 12 Westchester/Hudson Valley School Vote 2024

0:40
Police: Minisink school bus aide charged with sexual abuse of 8-year-old girl

Police: Minisink school bus aide charged with sexual abuse of 8-year-old girl

0:33
Hudson Valley Dodge manager killed in incident at dealership

Hudson Valley Dodge manager killed in incident at dealership

2:45
Chappaqua, East Ramapo, and Newburgh reject school budgets; Clarkstown OKs 4% increase for schools

Chappaqua, East Ramapo, and Newburgh reject school budgets; Clarkstown OKs 4% increase for schools

0:22
Poughkeepsie man arrested on drug charges, accused of selling cocaine

Poughkeepsie man arrested on drug charges, accused of selling cocaine

0:40
Ramapo incident reports list tickets, charges against Monsey bus drivers who struck kids

Ramapo incident reports list tickets, charges against Monsey bus drivers who struck kids

1:10
Headlines: Woman steals $97,000 from business, health insurance fraud, Stony Point home invasion

Headlines: Woman steals $97,000 from business, health insurance fraud, Stony Point home invasion