Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
Lawmakers Reach Agreement in Principle on Wall Street Bailout
Thursday, September 25, 2008
New York, NY –
Some of the provisions they've agreed on include oversight by Congress, limits on executives' pay, and an installment plan for $700 billion.
New York Rep. Carolyn Maloney sits on the House Financial Services Committee. She says the money Treasury Secretary Henry Paulson is requesting is a tremendous figure, so the new provisions are important.
MALONEY: Is the equivalent of one quarter of the entire federal budget in 2008 and more than the total amount we spent this year on either the defense of our country or the entire Social Security system.
REPORTER: The White House is meeting with congressional leaders and presidential candidates Barack Obama and John McCain to discuss the plan.
A vote on the package is expected over the next several days.