USA-ECONOMY
APRIL 8 2008 21:01h
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The legislation is being debated in the Senate this week and could face a vote on Tuesday or Wednesday.
Specifically, the White House rejects provisions that would give a tax break to buyers of foreclosed homes and provide other tax breaks, said White House spokeswoman Dana Perino.
"We have serious concerns that these elements and others would do little to help homeowners avoid foreclosure or reduce housing inventory," Perino said.
The legislation is being debated in the Senate this week and could face a vote on Tuesday or Wednesday. The bill was a compromise between Democrats and Republicans who are facing pressure to staunch the flow of home foreclosures that could be pushing the national economy into a recession.
The U.S. House of Representatives is due to take up its own version of a housing aid bill in coming days. If the president opposes the measures drafted on Capitol Hill, lawmakers will need more votes of support to override any veto.
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