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July 26, 2008

The Senate works on Saturday; NBC gets all excited.

The U.S. Senate is still the most elite and effective legislative body the world has ever seen. And most members of Congress--even the dumber, wimpier and more clueless legislators--work very hard. Weekend sessions aren't all that unusual, but it apparently makes good copy ("rare weekend session") to slip that in there. MSNBC: "Senate approves sweeping housing-rescue bill". The House passed the bill on Wednesday, and the Senate acted today. The president still needs to sign it.

WASHINGTON (MSNBC) - The U.S. Congress approved a massive housing market rescue bill Saturday, offering emergency financing to Fannie Mae and Freddie Mac, creating a new regulator for the mortgage titans and setting up a $300 billion fund to help troubled homeowners.

With the U.S. housing market in its deepest slump since the Great Depression, Congress acted with unusual speed in recent days to move the election-year bill to the White House.

Posted by Holden Oliver (Kitzb├╝hel Desk) at July 26, 2008 11:59 PM

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