Housing Bill Clears Key Senate Hurdle

Package of relief measures garners bipartisan support

By Sam Gale Rosen, Newser Staff

Posted Apr 1, 2008 5:38 PM CDT

(Newser) – The Senate voted 94-1 to move a housing legislation package into formal consideration today, reports the New York Times. Banking committee chair Chris Dodd and ranking Republican Richard Shelby now have until noon tomorrow to work out a compromise acceptable to both parties. “Inaction is not an option," said Dodd. "Failure is not an option."

"Inaction’s never an option when you have a crisis of confidence in the housing market and in the financial markets," said Shelby. The procedural move to advance the package required just 60 votes; the overwhelming support indicates the increasing urgency of government intervention in the foreclosure crisis. The legislation includes measures to expand mortgage counseling and increase local government funding for buying foreclosed properties.

Sen. Jim Bunning, R-Ky., center, was the only senator to vote "no" on the procedural motion. (AP Photo/Dennis Cook)

Senate Majority Leader Harry Reid of Nev. gestures during a news conference on Capitol Hill in Washington, Tuesday, March 11, 2008. (AP Photo/Dennis Cook)

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Housing Bill Clears Key Senate Hurdle

Package of relief measures garners bipartisan support

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GOP Drops Filibuster on Financial Reform

They agree to allow the bill onto the floor for debate

Senate Passes Housing Aid Bill

Wins approval by wide margin, but House, Bush opposition leave fate uncertain

Bank Risk Rules Could Die in Senate

Retiring Dodd wants GOP support, Obama be damned

Prickly Congress Greets Paulson, Bernanke

Dodd, Shelby show skepticism

Reid Delays Anti-Piracy Vote

As Republicans solidify PIPA opposition

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Housing Bill Clears Key Senate Hurdle

Package of relief measures garners bipartisan support

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Senate • Harry Reid • Mitch McConnell • Chris Dodd • Richard Shelby • subprime crisis • Senate Banking Committee • housing legislation • financial crisis • foreclosures

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GOP Drops Filibuster on Financial Reform

They agree to allow the bill onto the floor for debate

Senate Passes Housing Aid Bill

Wins approval by wide margin, but House, Bush opposition leave fate uncertain

Bank Risk Rules Could Die in Senate

Retiring Dodd wants GOP support, Obama be damned

Prickly Congress Greets Paulson, Bernanke

Dodd, Shelby show skepticism

Reid Delays Anti-Piracy Vote

As Republicans solidify PIPA opposition

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