As reported in the AP Barney Frank’s housing rescue bill passed its’ first hurdle Thursday behind Democrats and several Republicans who broke ranks with the White House on the measure. Here are some excerpts:
Democrats and several Republicans on the House Financial Services Committee banded together Thursday to pass a $300 billion housing rescue package.
The vote was 46-21 to advance the bill, which would permit the government to insure new, cheaper mortgages for hundreds of thousands of struggling homeowners now facing foreclosure.
Ten Republicans shrugged off President Bush’s objections and joined all the Democrats present to support the bill, sponsored by Rep. Barney Frank, D-Mass., the committee chairman. Most of them are from areas hit hard by the mortgage meltdown.
Democratic leaders are planning votes in the full House next week on the housing package.
Frank said the breadth of GOP support for the plan in his committee indicated that there could be enough votes to override a veto — which takes two-thirds â€” but he said he was optimistic that wouldn’t be necessary.