A Democratic proposal to curb rising home foreclosures by changing bankruptcy law failed a key test vote in the U.S. Senate on Thursday.
In a largely party-line vote, Republicans blocked the measure from moving ahead, although lawmakers said it may be reconsidered later, possibly with amendments.
As proposed, the bill would let bankruptcy judges erase some mortgage debt; spend more money on fixing abandoned properties and funding debt counseling; and give businesses a tax break. The White House had threatened to veto the bill.
Harry Reid whined on the Senate floor that “Big Banks” and “Wall Street” are high-fiving each other over the Dems’ defeat.
No. Responsible homeowners and taxpayers are high-fiving each other.
Suck it up.
Culture of corruption update:Dirty Dem Laura Richardson gets House ethics wrist-slap for law-breaking, obstruction
August 1, 2012 12:29 PM by Michelle Malkin
July 18, 2012 09:05 AM by Michelle Malkin
February 29, 2012 01:58 PM by Doug Powers
February 1, 2012 11:39 AM by Michelle Malkin
January 18, 2012 09:12 AM by Michelle Malkin