July 29, 2008 – 1:48 p.m.
Congressional leaders are expected to send a massive housing finance package to the White House late Tuesday, paving the way for President Bush to sign the measure.
The Senate cleared the legislation by 72-13 on Saturday, July 26, ending months of back and forth between the chambers and the two parties. The compromise package includes provisions to help borrowers get out from under loans they cannot afford, offers a one-time tax credit of up to $7,500 to first-time home buyers and throws a lifeline to struggling mortgage finance giants Fannie Mae and Freddie Mac.
Treasury Secretary
Asked Tuesday when Bush would sign the bill, White House Press Secretary Dana Perino said that depends on when Congress formally transmits it.
“As soon as we get it, we’ll sign it,” she said. “So that question should be, I think, appropriately put to Speaker Pelosi’s office as to when they’re going to send it to us.”
The House did not return to work until Tuesday after its weekend break.
“We are carefully reviewing the voluminous bill and will send it to the White House later today,” said Brendan Daly, spokesman for House Speaker
The president was unlikely to sign it before Wednesday, however. He was headed to Ohio for a tour of the Lincoln Electric Co. in Cleveland Tuesday afternoon, followed by a stop at a GOP fundraising reception in suburban Gates Mills, Ohio. Bush was due back at the White House Tuesday night.


