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April 2, 2008
Reid And McConnell Statement On Senate Agreement On Housing Bill
Washington, DC—Senate Majority Leader Harry Reid and Senate Republican Leader Mitch McConnell made the following statement today, announcing an agreement in principle to address the housing crisis:
“Senior Senate Democrats and Republicans have reached an agreement in principle to strengthen the economy by addressing the nationwide foreclosure crisis. Getting to this point has required compromise by all sides. This is a solid, bipartisan start to keeping families facing foreclosure in their homes, helping other families avoid foreclosures in the future, and helping communities already harmed by foreclosure to recover.
“This package addresses the core issues of this crisis, including foreclosure mitigation, mortgage counseling, FHA modernization and homeowner tax credits, among other provisions. We hope to quickly come to a consensus to move this bill to the floor, consider amendments to it, and pass strong legislation that helps struggling homeowners and our economy as a whole.”
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The Senate will convene at 2:00 p.m. and proceed to a period of morning business until 3:00 p.m. with Senators permitted to speak for up to ten minutes each. Following morning business, the Senate will resume consideration of H.R.3590, with Senator Reid, or designee, permitted to offer the first amendment to the Reid substitute; further, that Senator McConnell, or designee, be permitted to offer the next amendment to the substitute with no other amendments in order during Monday's session. There will be no roll call votes during Monday's session.
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