Bush: Won't back bill that bails out lenders
WASHINGTON (AP) - May 19, 2008 The president's comments came as Senate leaders are working on a
bipartisan bill to help strapped borrowers get government-backed
mortgages, paid for by tapping a fund designed to help poor
families. Bush did not comment on that proposed legislation
directly. He has threatened to veto a House version of the bill.
"Laws shouldn't bail out lenders," Bush said after getting an
economic update from Treasury Secretary Henry Paulson. "Laws
shouldn't help speculators. The government ought to be helping
creditworthy people stay in their homes."
The president pushed Congress to pass legislation to more
tightly regulate Fannie Mae and Freddie Mac, the
government-sponsored companies that finance home loans. He said the
move would help "stabilize the markets."
The Bush administration on Monday also reiterated its stance
that it remains to soon too consider a second economic stimulus
boost for the nation. The first package produced tax rebates checks
for millions of Americans. Bush said Paulson assured him that
people are getting the money as promised.
"It should help our economy, and more importantly, help people
pay their bills ... and take care of their families and shop," the
president said.
Many Democrats in Congress are pushing for another
government-backed economic boost to help people pay deal with
rising gas and food prices.
