Congress

Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure:

Q: What exactly will the legislation do?

WASHINGTON - The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere.

"In serious consideration for ambassador to Belarus." That's the role John McCain joked that former senator Phil Gramm might have in a McCain administration. Gramm is McCain's most senior economic adviser, the one best qualified to lead the finance team of a McCain presidency. Now, however, Gramm faces political exile because he made the mistake of telling the truth.

Fannie Mae and Freddie Mac, the two biggest providers of financing for US home loans, tumbled to the lowest in 17 years in New York trading after a former Federal Reserve president said the companies may need a government bailout.

Fannie Mae and Freddie Mac tumble on insolvency fears

Well, it's official. Congress has reached a new low! Not a big surprise though. I would love to know who the 9% are that think Congress is doing a good job. Probably the ignorant ones that don't even know who their Congressperson is, what they do, or don't even vote at all.

WASHINGTON - Former secretaries of state James Baker III and Warren Christopher say the next time the president goes to war, Congress should be required to say whether it agrees. The co-chairmen of a bipartisan study group have proposed legislation that would require the president to consult lawmakers before initiating combat lasting longer than a week, except in cases of emergencies.

CBS news.com (http://www.cbsnews.com/stories/2008/07/07/politics/uwire/main4239631.shtml) has an editorial on its site tonight calling for a return to the national speed limit of 55-60 mph. Senator John Warner of Virginia is currently suggesting Congress re-examine a return to 1974 and reducing the national speed limit.

NEW YORK (Reuters) - U.S. congressional leaders agreed late last year to President George W. Bush's funding request for a major escalation of covert operations against Iran aimed at destabilizing its leadership, according to a report in The New Yorker magazine published online on Sunday.

WASHINGTON - After nearly seven years of war in Afghanistan, the Taliban-led insurgency is flourishing, the Defense Department indicated in a gloomy new report yesterday, saying the insurgents are likely to accelerate their attacks and expand into new regions in northern and western regions of the country.

WASHINGTON - A massive foreclosure rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners.

When Senator Kent Conrad of North Dakota wanted a mortgage for his beach house, he turned to a Washington insider, James A. Johnson, former head of Fannie Mae, the government mortgage giant, who then put the senator in touch with Angelo Mozilo, chief executive of the mortgage lender Countrywide Financial.

Finally, a Congressman who's interested in upholding the Constitution:

An Ohio Democratic lawmaker and former presidential candidate has presented articles of impeachment against President George W. Bush to Congress.

Thirty-five articles were presented by Rep. Dennis Kucinich to the House of Representatives late Monday evening, airing live on CSPAN.

The Senate Environment and public works committee had a meeting this week.
This quote is from the Senate minority communications director.
http://epw.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&Heari...

A conservative congressman is blasting Democrats for attempting to use the emergency war-funding bill to line the pockets of the country's largest abortion provider.

With food prices soaring, it takes some gall to force Americans to pay billions of dollars to millionaire agribusinesses. Yet that's what the latest farm bill would do.

http://news.yahoo.com/s/ap/20080517/ap_on_go_co/kennedy

WASHINGTON - People learning through genetic testing that they might be susceptible to devastating diseases wouldn't also have to worry about losing their jobs or their health insurance under anti-discrimination legislation the Senate passed Thursday.