Good morning … House begins work to end another mortgage program

The House convened at 9 a.m. Friday to take up H.R. 836, which would rescind $1 billion now authorized for a program that helps unemployed people make their mortgage payments for up to 12 months.

Rep. Jeb Hensarling (R-Texas) began the debate by sticking to the themes Republicans hit on Thursday in the course of repealing an FHA mortgage relief program (H.R. 836). Hensarling said the U.S. debt is piling up too quickly, and that cuts are needed to give businesses the confidence to hire workers in the long term.

"At some point you gotta quit spending money you don't have," he said.

Democrats are expected to hold to their arguments that people need these programs in light of the ongoing economic uncertainty. Rep. Barney Frank (D-Mass.) began the debate by arguing that while Republicans say they want to cut spending, Republicans rejected an amendment in February to limit farm subsidies.

"It was defeated by the Republican Party," he said. Frank also revisited his argument that Republicans supported a $150 million annual payment to Brazil's cotton industry to settle a trade dispute, rather than pursuing the idea of ending U.S. cotton subsidies, which he said is another way to settle the dispute.

Frank said the estimated cost of the mortgage program at issue in the bill is $840 million.