Add those new proposals to an existing plan to give more help to first-time homebuyers and there appears to be a full year’s agenda on tap as the President prepares to give his annual State of the Union address before Congress on Tuesday.
The rapid-fire “spoilers” coming out of the White House ahead of Obama’s State of the Union address may seem like good ideas — but many of them may remain just that.
The Republican majority on Capitol Hill hasn’t sounded receptive to many of the new White House proposals, though that’s not a surprise to anyone who’s watched House Republicans resist most of Obama’s agenda for the past four years.
On some areas there appears to be early agreement. Both sides say they want a new cyber security law. But nearly everywhere else, the most aggressive White House plans appear likely to be blocked.
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Republicans may be fuming about Obama’s plan to lower fees on government-backed loans, but there’s not much Congress can do to prevent the president from putting his new rate structure in place. In theory they could withhold funding for the agency in response to Obama’s move – though none have threatened that yet.
The White House argues the new plan would save low- and middle-income homeowners nearly $1,000 per year, but the GOP claims the plan cuts against the goal of getting the federal government out of the mortgage business altogether.
Obama and Republicans at least partially agree on that front, and the president reiterated his call on lawmakers to wind down Fannie Mae and Freddie Mac last week. But Democrats on Capitol Hill have been resistant to sign on, saying the government mortgage giants provide a way into the housing market for millions of Americans.
With Republicans in the majority on Capitol Hill, a wind-down measure could come for a vote in the Senate – something that failed to happen in the last Congress.
