Congress Sends Housing Relief Bill to Bush

[Wretched Excess]

. . . the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion . . .

Bush has already said he would sign it . . .

Congress Sends Housing Relief Bill to Bush

WASHINGTON — Hoping to stretch a safety net under the nation’s tumbling housing market, the Senate on Saturday overwhelmingly approved a huge package of legislation that includes a program to save hundreds of thousands of families from losing their homes to foreclosure.

The legislation is the latest in a series of extraordinary interventions this year by the Bush administration, Congress and the Federal Reserve as they seek to limit shockwaves in the housing sector from rippling across the American economy and the world financial system. In the process, the central bank and taxpayers have taken on what critics warn are incalculable liabilities and risk.

The bill grants the Treasury Department broad authority to safeguard the nation’s two mortgage finance giants, Fannie Mae and Freddie Mac, potentially by spending tens of billions of dollars in federal money to prevent the collapse of the companies, which own or guarantee nearly half of the nation’s $12 trillion in mortgages.

To accommodate the rescue plan for the mortgage companies, the bill raises the national debt ceiling to $10.6 trillion, an increase of $800 billion and the first time that the limit on the government’s credit card has grown to 14 digits.

The Senate, convening for a rare Saturday session as it neared summer recess, approved the bill by a vote of 72 to 13, with 27 Republicans joining all the Democrats in attendance to support it.

More

[Bluesuiter-Retired]

Ain't it grand.

I can't afford to purchase a home because the prices in my community are way outside my income range and now my federal taxes are going to go to those whom were IRRESPONSIBLE enough to purchase homes which were outside their income range.  How pathetic

Gotta love it though!

[Wretched Excess]

Ain't it grand.

I can't afford to purchase a home because the prices in my community are way outside my income range and now my federal taxes are going to go to those whom were IRRESPONSIBLE enough to purchase homes which were outside their income range.  How pathetic

Gotta love it though!

I guess no one is courageous during an election year.

[Splashdown]

I'm such an idiot. I'm paying my mortgage every month on time. 

[Chris_]

Ain't it grand.

I can't afford to purchase a home because the prices in my community are way outside my income range and now my federal taxes are going to go to those whom were IRRESPONSIBLE enough to purchase homes which were outside their income range.  How pathetic

Gotta love it though!

Government to responsible citizens: "You ****ed up! You trusted us!"

[Wretched Excess]

I'm such an idiot. I'm paying my mortgage every month on time. 

no kidding!  get with the program!

[DixieBelle]

Oy.

Work harder. Millions of idiots are depending on you.

Sigh.

[Willow]

I'm such an idiot. I'm paying my mortgage every month on time. 

You should have heard Glen Beck tonight. Something to the effect that "the guy flipping burgers gets to live in a 650,000 dollar house at your expense."