Thanks a LOT

Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.

The measure, regarded as the most significant housing legislation in decades, lets homeowners who cannot afford their payments refinance into more affordable government-backed loans rather than losing their homes.

It offers a temporary financial lifeline to troubled mortgage companies Fannie Mae and Freddie Mac -- pillars of the home loan market whose losses have sparked investor fears -- and tightens controls over the two government-sponsored businesses.

Democratic leaders, recognizing that the measure could be one of the last items to become law during what's left of their abbreviated election-year schedule, tacked on an $800 billion increase, to $10.6 trillion, in the statutory limit on the national debt.

Conservative Republicans were vehemently opposed to the bill, particularly the help for Fannie Mae and Freddie Mac. Critics charge the companies enjoy lavish profits in good times and wield their outsized political clout to resist regulation while depending on the government to bail them out should they falter.

Sen. Jim DeMint, R-S.C., delayed the final vote because Democrats refused to allow him a vote on a proposal to ban the companies from lobbying or making political donations to lawmakers.

"We can't have the people who are supposed to watch over these organizations getting money from these organizations," DeMint said. "At least if we're going to ask the American taxpayer to be on the hook for billions, possibly trillions of dollars, let's stop this."

Thanks a lot Democrats and traitorous Republicans, including President Bush.  You've pushed us further into debt by basically buying votes.

You should be ashamed of yourselves by selling us out like this.  You've endangered the prosperity of generations to come by doing this short term type of thinking.

Here's how everyone voted if you're interested:

http://clerk.house.gov/evs/2008/roll519.xml

So, when do we pick up the pitchforks and torches?

 

Travis

travis@rightwinglunatic.com