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There was an interesting article in the AP recently pointing out that there is intense political pressure on congress to get a useful housing bill passed in to law. President Bush has been threatening veto but his administration seems to realize that a veto (and thus scuttling the plans to help hurting homeowners) could deal a fatal blow to the republicans come election time so they seem intent on coming up with some kind of compromise. See this excerpt from the article:

Then there is the political reality for the president: Many Republicans are facing a darkening re-election outlook amid tough economic times and are reluctant to oppose a measure intended to address the crux of the financial crisis.

Sen. Richard C. Shelby of Alabama, the top Republican on the Senate Banking, Housing and Urban Committee, says he hopes Bush will reconsider his veto threat. Insiders said the tepid wording of the threat, combined with intense behind-the-scenes negotiating by Treasury Secretary Henry M. Paulson to reach a deal, suggest the White House may be doing just that.

It now appears that even if President Bush decides to veto there may be enough votes in the senate to override him anyway. Rep. Barney Frank who authored the House version of the bill seems optimistic that the two sides are close to a bill the President will sign (even if reluctantly so).

Comments (0) Posted by G.R.A. Admin on Saturday, June 21st, 2008

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