Thursday, July 30, 2009
The House has taken emergency steps to keep some vital federal programs from going broke while Congress heads off on vacation.
Among other things, the measure would keep people from missing out on their unemployment checks or their chances to get low-interest housing loans.
The measure calls for the transfer of more than $14 billion from the general treasury fund to bolster trust funds for unemployment benefits and highway projects. It also increases lending authority for the Federal Housing Administration, a major source of low-interest housing loans.
The programs could run out of money in August without congressional action.
The bill still needs Senate approval.