Senate's Reid to defy Bush veto on foreclosure bill

[babylonsister]

http://www.reuters.com/article/topNews/idUSN2744807220080227?feedType=RSS&feedName=topNews

Senate's Reid to defy Bush veto on foreclosure bill
Wed Feb 27, 2008 12:11pm EST


WASHINGTON (Reuters) - Senate Majority Leader Harry Reid said on Wednesday he plans to defy a White House veto threat and try to win passage of a sweeping bill aimed at curbing an explosion of home foreclosures.

"I have no expectation of reaching any agreement with the White House," Reid said a day after the administration warned changes would have to be made in the legislation to obtain President George W. Bush's signature.

"I have tried for seven years" to reach agreements with Bush on a variety of issues, but have failed repeatedly, said Reid, a Nevada Democrat.

"So we are going to do what we think is best for the country," Reid said. "If we get 67 votes (in the 100-member Senate to override a possible Bush veto), that's great."

The White House on Tuesday threatened to veto the legislation meant to curb a crush of home foreclosures stemming from the subprime mortgage crisis, complaining the bill amounted to an unacceptable bailout for lenders and speculators.

The legislation to let bankruptcy judges erase mortgage debt and provide billions of dollars to rehabilitate abandoned properties had been expected to be taken up Tuesday by the Senate, but got pushed back for consideration of an Iraq measure.

[DainBramaged]

1. 'Bout Time Harry, 'bout time

took you seven years to realize there is NO compromise with Doosche?

[madokie]

Yep too little too late if you ask me

[bdamomma]

2. hey Harry talk is cheap.

[stillrockin]

3. I guess Harry had spinach for lunch.