Politics & Government

Obama promises U.S. mayors he'll fight if Bush vetoes housing bill

MIAMI _ Making his pitch to a key group of power brokers, Barack Obama on Saturday promised hundreds of mayors gathered in Miami that he would push back on President Bush's threatened veto of legislation aimed at rescuing homeowners facing foreclosure.

The bill would allow the federal government to insure $300 billion in new loans so homeowners who can't pay their mortgages could refinance. The legislation is a priority for many mayors whose cities are faltering under the housing crisis.

''If George Bush carries out his threat to veto the housing bill -- a bill that would provide critical resources to help you solve the foreclosure crisis in your towns and cities -- I will fight to overturn his veto and make sure you have the support you need,'' Obama said.

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