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July’s prize

by The Hill Editors - 07/07/08 5:12 PM ET

There is much left on the congressional agenda as lawmakers head into the final stretch before the August recess, but with the chances of a deal on energy and gas prices unlikely, the big-ticket item within reach is housing.

House and Senate lawmakers have been working throughout the 110th Congress to address the housing crisis. And after clearing hurdles in the House and getting through the Senate Banking, Housing and Urban Affairs Committee, the bill is expected to hit the Senate floor this week.

Democratic leaders had hoped to clear the legislation before the July 4 recess, but it was delayed amid partisan disputes over amendments. The White House has issued a veto threat of the House and Senate bills, but there are many Republicans on Capitol Hill who will buck President Bush and vote for the final measure.

The House version fell a few votes short of a veto-proof majority, but the Senate bill passed in committee by a 19-2 vote.

The Bush administration has balked at provisions of the House package, claiming in its veto threat that “the principal beneficiaries of this type of plan would be private lenders … instead of struggling homeowners who are working hard to stay in their homes.”

But the White House has also praised aspects of the Senate bill, and while anything can happen over the next few weeks, it is in the political interests of Democrats and Republicans to pass a bill that Bush will sign into law.

That way, everyone can claim victory for addressing a problem that has hit millions of Americans. It wouldn’t lower the price of gas, but it would be a notch in Congress’s belt as members head back to their districts next month to make the case they should be reelected.

Make no mistake, lawmakers are nervous. Some are worried about primaries and others are girding themselves for difficult general-election battles. Political analysts believe Democrats will grow their congressional majorities, but 2008 will not be exactly like 2006. Two years ago, not one Democratic incumbent lost. That pattern is unlikely to repeat amid the economic downturn and high gas prices.

Republicans and Democrats have vastly different views on energy that are unlikely to be overcome before the next election. But there is enough middle ground on housing where the parties will come together to get a deal done.