April 7, 2008

This Week on Capitol Hill

With a GOP-Dem deal struck last Thursday, senators now have a mini housing-market-booster bill they can pass - which they are expected to do this week. The bill sets aside $4 billion for cities to buy and turn around foreclosed homes, $100 million for mortgage counseling, and federal backing for $10 billion in local bonds to refinance homes - as well as tax breaks for homeowners, homebuyers and the housing industry. It's a drop in the housing crisis bucket and spells little relief for families stuck in subprime mortgages, but the Senate is working on another heavy-hitting bill - with up to $300 billion in backing for refinanced mortgages - that may follow in the weeks to come.

The House is busy but quiet this week with a stream of small-potatoes health and conservation bills.

Off the chambers' floors - but on media center-stage - Iraq brass will testify on the state of the war before Senate committee members. The hearings aren't slated to result in anything, however, besides an opportunity for three presidential candidates to try to look, you know, presidential.

If you want to let your Congressfolk know where you stand on any of the issues above, you can email them through Congress.org, because...

Hey, it's your democracy too.

- teamJoe

Next update: April 14

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