WASHINGTON (Reuters) - The White House said on Tuesday that advisers to President George W. Bush would recommend vetoing a U.S. Senate bill aimed at preventing home foreclosures stemming from the subprime mortgage crisis.
If the bill "were presented to the president, his senior advisors would recommend he veto the bill," said a statement from the Bush administration.
With a housing market slump threatening to tip the economy into recession, the Senate was expected to debate a bill this week that would let bankruptcy judges erase some mortgage debt and provide more money for fixing abandoned properties.
Democrats drafted the bill amid election-year concerns about falling home prices and a surge in home foreclosures.