From: Reuters
Published February 28, 2008 05:34 PM

Senate Republicans block Democrats' housing bill

WASHINGTON (Reuters) - A Democratic proposal to curb rising home foreclosures by changing bankruptcy law failed a key test vote in the U.S. Senate on Thursday.

In a largely party-line vote, Republicans blocked the measure from moving ahead, although lawmakers said it may be reconsidered later, possibly with amendments.

As proposed, the bill would let bankruptcy judges erase some mortgage debt; spend more money on fixing abandoned properties and funding debt counseling; and give businesses a tax break. The White House had threatened to veto the bill.

(Reporting by Kevin Drawbaugh)

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