Being A "Lame Duck" President Must Be A Terrible Thing, As President Bush Drops His Opposition To Housing Bill.

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Below are excerpts:

The bill would include authority for the Federal Housing Administration to insure up to $300 billion in refinanced mortgages to help borrowers in danger of foreclosure, allowing hundreds of thousands of homeowners trapped with mortgages they cannot afford to stay in their homes by getting new, cheaper loans. ...

The House is expected to vote on the bill as early as Wednesday, and it could be sent to Mr. Bush’s desk by the end of the week.

Mr. Bush had voiced objections to a $3.9 billion provision that would give grants for local governments to purchase and refurbish foreclosed properties — a provision that the White House regards as a bailout. ...

when the White House issued yet another warning of a veto last week and reiterated its opposition to the grants — even after Mr. Paulson asked Congress to include the rescue plan for Fannie Mae and Freddie Mac in the bill — the House speaker Nancy Pelosi virtually dared Mr. Bush to follow through. ...

But Mr. Bush set aside those objections on the advice of the Treasury secretary, Henry M. Paulson Jr., who told him that the overall package was necessary to help stabilize the housing and credit markets, according to the White House press secretary, Dana Perino, who announced the switch Wednesday morning. Ms. Perino said the gravity of the crisis, coupled with Congress’ plans to recess later this summer, was the reason for the reversal.

“The president would not have signed this bill if we had a lot of extra time on our hands,” Ms. Perino said.

Editor's note: Kentucky U. S. Senator, Jim Bunning, disputes the $25 Billion price tag, suggesting instead the bailout would cost $1 Trillion.