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A Democratic bill aimed at easing the mortgage crisis stalled in the Senate Thursday amid harsh partisan sniping, with both parties crying foul and only one Republican voting to cut off debate. In a 48-46 vote, the Senate failed to invoke cloture on a motion to proceed to the bill, which is strongly opposed by the banking lobby . No future plans for the legislation were immediately announced. Sen. Gordon Smith (R-Ore.), who faces a tight re-election race, was the only Republican to join Democrats in supporting cloture. Presidential candidates Barack Obama (D-Ill.), Hillary Clinton (D-N.Y.) and John McCain (R-Ariz.) all missed the vote, and Democratic Leader Harry Reid (D-Nev.) voted ‘no’ as a procedural move to preserve the bill for a future vote.A pointed exchange between Reid and Republican Leader Mitch McConnell (R-Ky.) immediately followed the vote, with Reid charging the GOP with blocking help for consumers and McConnell complaining that Republicans were shut out of the process. “Anyone within the sound of my voice should understand what just happened,” Reid said. “Bankers are high-fiving each other right now, and the losers are millions of consumers.” McConnell responded by calling Reid’s comments “incredulous.” He termed the Democratic process toward a housing bill vote “a hastily-concocted political exercise.” “The way to legislate is to come up with a fair process for consideration,” he said. “That opportunity is still before us.” Republicans and the banking industry object to a provision of the bill that would allow bankruptcy judges to modify mortgages for people who are at risk of losing their homes. Republicans, contend that the provision would drive up overall borrowing costs. President Bush, in morning comments at the White House, said he opposed the bill and instead suggested legislation to modernize federal housing regulations. |
