CQ TODAY MIDDAY UPDATE
July 10, 2008 – 1:39 p.m.
Senate Expected to Pass Housing Bill Back to House

The Senate appeared ready Thursday to send a massive housing package back to the House, after final Republican holdouts relented.

Senators voted 84-12 to invoke cloture on a portion of the bill, the final procedural vote necessary to send the legislation back to the House. Earlier, Senate Majority Leader Harry Reid, D-Nev., said a final round of objections from Sen. Jim DeMint, R-S.C., could have delayed final consideration of the measure.

But it now appears likely the Senate will move its version of the package back to the House. After the cloture vote, Reid said he’d received word from the bill’s sponsors that they “likely will be able to finish their work on the housing bill today.”

The architects of the housing package — Banking Committee Chairman Christopher J. Dodd, D-Conn., and the panel’s ranking Republican, Richard C. Shelby of Alabama — had hoped to offer a manager’s amendment to the package. Lawmakers said the package was not expected to include any controversial changes.

But Republican objections stymied those efforts, and the Senate could have another opportunity to make changes to the bill after the House takes it up again. House lawmakers are expected to make several changes, including finding offsets or cost reductions to pay for a $2.4 billion shortfall in the bill’s tax section.

The two chambers are also still working on other details of the massive package, which includes a regulatory overhaul of mortgage giants Fannie Mae and Freddie Mac, a modernization of the Federal Housing Administration and a major expansion of the FHA’s insurance programs to help borrowers refinance out of loans they can’t afford.

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Source: CQ Today Midday Update
Political Clippings compiled from BNN Frontrunner and CQ Politics.com.
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