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July 23rd, 2008
Posted: 05:08 PM ET

WASHINGTON (CNN) — The House of Representatives Wednesday passed sweeping legislation that will offer up to $300 billion in assistance to troubled homeowners and throw government support behind mortgage finance giants Fannie Mae and Freddie Mac.

The bill passed on a vote of 272 to 152, with 45 Republicans joining 227 Democrats to send the final bill to the Senate.

It could take the Senate a few days to deal with the bill because of a Republican filibuster threat.

President Bush on Wednesday dropped his vow to veto the bill, with a spokeswoman saying the need for aid to Fannie Mae and Freddie Mac is urgent enough for the president to overlook objections to other provisions in the bill.


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The CNN Wire is a running log of the latest news from CNN World Headquarters, reported by CNN's correspondents and producers, and The CNN Wire editors. "Posted" times are Eastern Time.

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