Senate seen approving housing rescue bill
WASHINGTON (Reuters) – The Senate was expected to approve as soon as Wednesday the biggest government program yet to tackle a deep housing market slump feared to be dragging the economy into recession.
The legislation would create a $300 billion fund to help up to 400,000 troubled homeowners refinance costly, exotic mortgages into more affordable, government-backed loans. It easily cleared a Senate test vote by an 83-9 vote on Tuesday.
Israel Prodding U.S. To Attack Iran
Bush Administration Weighs Striking Iran’s Nuclear Complex, Which Could Trigger 3rd War In Region
Joint Chiefs Chairman Admiral Mike Mullen leaves Tuesday night on an overseas trip that will take him to Israel. The trip has been scheduled for some time but U.S. officials say it comes just as the Israelis are mounting a full court press to get the Bush administration to strike Iran’s nuclear complex.
CBS consultant Michael Oren says Israel doesn’t want to wait for a new administration. “The Israelis have been assured by the Bush administration that the Bush administration will not allow Iran to nuclearize,” Oren said. “Israelis are uncertain about what would be the policies of the next administration vis-à-vis Iran.”
Israel’s message is simple: If you don’t, we will. Israel held a dress rehearsal for a strike earlier this month, but military analysts say Israel can not do it alone. “Keep in mind that Israel does not have strategic bombers,” Oren said. “The Israeli Air Force is not the American Air Force. Israel can not eliminate Iran’s nuclear program.”