July 18, 2008 – 12:31 p.m.
As the economy struggles to overcome the drag created by the housing slump and record gasoline prices, Congress will attempt to address both next week.
The outlook for legislation on energy issues appears dim. The Senate will vote Tuesday on a Democratic attempt to call up a bill to impose more regulations on energy futures trading. The measure is intended to combat the speculation said to be contributing to a run-up in oil and gas prices.
But the Senate has been embroiled for weeks in a partisan stalemate over how best to address both the short-term price spikes and long-term supply shortages, and there is no end in sight to that standoff.
Prospects are brighter for action on the housing and mortgage finance crisis.
The House next week will take up a massive housing package that would overhaul the Federal Housing Administration, create a new regulator for mortgage giants Fannie Mae and Freddie Mac, and create a new government program to help borrowers facing foreclosure.
Lawmakers are also expected to attach a financial backstop for the mortgage finance giants proposed by Treasury Secretary
The underlying housing bill has already passed both chambers in somewhat differing forms, and bipartisan leaders of the relevant House and Senate committees are working with the administration to craft a final version that can get through both chambers and win President Bush’s signature.


