Senate Passes Housing Aid Bill

The Senate approved a $15 billion measure to address the housing slump today, including $6 billion in total tax breaks to homebuilding firms and a $7,000 tax credit for buyers of foreclosed homes. Though it passed by an 84-12 margin, opposition from President Bush and the House could yet sink the measure, Reuters reports.

"A major positive step in the right direction," is how Connecticut Democrat Chris Dodd characterizes the bill, but, "we've got more work to do. We don't do enough to prevent foreclosures." It next goes to the House, where it faces criticism over the business tax breaks and competition from the House’s own pending legislation. (More subprime crisis stories.)