House Republicans Ask Bush To Veto Housing Bill

Washington, D.C. (AHN) - Republican members of the House Financial Services Committee have sent a letter to President George W. Bush asking him to reconsider his retraction of a veto threat on the housing bill.

Fourteen Republicans, including ranking minority member Rep. Spencer Bachus (R-AL), are asking the President to reject the measure because it would cost the government crucial taxpayer dollars.

"Should you exercise your veto, the House vote yesterday indicates we have sufficient votes to sustain it. This could result in revised legislation that eliminates some, if not all, of the extraneous and wasteful provisions, leaving a bill that could gain broad bipartisan support," their letter said, according to the Hill.

The House passed the measure, the American Housing Rescue and Foreclosure Prevention Act of 2008, by a 272-152 vote on Wednesday. The bill gives temporary authority to the Treasury Department to extend credit and buy stock from the nation's largest mortgage companies, Fannie Mae and Freddie Mac. It also establishes a regulator for the mortgage giants and modernizes the Federal Housing Administration.

House Minority Leader John Boehner (R-OH) had reiterated Republican "disappointment" over the passage of the bill, particularly a provision giving $4 billion to state and local governments to buy up or refurbish foreclosed properties.

"The Democrats' bill represents a multi-billion dollar bailout for scam artists and speculative lenders at the expense of American taxpayers," Boehner said in a written statement. "House Republicans have authored a comprehensive plan to help innocent victims struggling to keep their homes while also protecting American taxpayers. Unfortunately, Democratic leaders have refused to allow a vote on this common sense proposal."

White House Press Secretary Dana Perino announced earlier this week that the President would no longer veto the bill following a recommendation from Treasury Secretary Henry Paulson. "We believe this is not the time for a prolonged veto fight, but we are confident the president would prevail in one," Perino said, referring to Congress' scheduled summer recess to begin August 9.