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| Version 0 | Version 1 |
|---|---|
| Bush drops veto to housing bill | Bush drops veto to housing bill |
| (about 5 hours later) | |
| The White House says President George W Bush has ended opposition to a housing bill, which could boost the US economy. | The White House says President George W Bush has ended opposition to a housing bill, which could boost the US economy. |
| The change of heart comes despite his objection to a provision for $3.9bn (£1.95bn) in community grants to buy up and repair foreclosed homes. | The change of heart comes despite his objection to a provision for $3.9bn (£1.95bn) in community grants to buy up and repair foreclosed homes. |
| The bill means the government could help struggling homeowners get new, cheaper loans. | The bill means the government could help struggling homeowners get new, cheaper loans. |
| It would also be allowed to propose cash injections for troubled mortgage giants Fannie Mae and Freddie Mac. | It would also be allowed to propose cash injections for troubled mortgage giants Fannie Mae and Freddie Mac. |
| Many congressional Republicans are angry about the housing legislation, which they say bails out irresponsible homeowners and unscrupulous lenders. | Many congressional Republicans are angry about the housing legislation, which they say bails out irresponsible homeowners and unscrupulous lenders. |
| "The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets," White House spokeswoman Dana Perino said. | "The positive aspects of the bill are needed now to increase confidence and stability in the housing and financial markets," White House spokeswoman Dana Perino said. |
| Later on Wednesday, the House of Representatives approved the legislation, which will now go before the Senate. | |