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Posted: 9:00 a.m. Friday, June 27, 2008
By Jamie Dupree
As the U.S. Senate reconvenes today after a July 4th break, Senators have a host of major issues to deal with in this first week, after being unable to finish them in late June.
First, Senators will try again to limit debate on a major housing bill that deals with the foreclosure crisis in America.
While the bill has broad bipartisan support, there are a number of Senators who are trying to add on extras to the bill from both parties, and that has slowed progress.
"Every day we fail to act on this measure, somewhere between eight and nine thousand more homes will be filing for foreclosure," says Sen. Chris Dodd (D-CT) who is chairman of the Senate Banking Committee.
"The heart of the economic crisis is the housing crisis and the heart of the housing crisis is the foreclosure crisis," says Dodd.
But Dodd faces more than just parliamentary troubles in the Senate on this housing bill, as the White House has repeatedly made clear it opposes some of the plan's provisions.
The basic centerpiece of the bill is a $300 billion mortgage rescue fund that backers hope would prop up some 400,000 loans for those threatened by foreclosure.
But past White House statements have thrown cold water on the overall effort.
"The federal government must not prolong necessary corrections in the housing market, bail out lenders, or subsidize irresponsible borrowing and lending," said a White House statement back in June.
Even if the Senate finishes the housing bill this week, major negotiations lie ahead between the House and the Senate, with the White House presumably involved as well.
This could well be one of those issues where if the President refuses to budge, his veto might be overriden, as both parties sense this is an issue of great import back home.
One thing is clear, many Republican lawmakers in the Congress know the last thing they want to do right now is be linked to President Bush, so don't be surprised to see them running the other way on tough issues.
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