Obama Signs Continuing Resolution, Extends GSE and FHA Loan Limits for 2011

President Obama signed legislation last week on Wednesday to fund the federal government through March 4th.

A budget resolution known as a Continuing Resolution (CR) was forced by Senate Republicans who want to start enacting campaign promises to slash the federal budget in fiscal 2011, rather than wait until fiscal 2012. Next year, Republicans will control the House and have increased numbers in the Senate.

Democrats had sought to pass an omnibus measure – made up of all 12 annual appropriations bills – but Republicans killed the proposal after pulling back initial support for it. The move required Democrats to move the CR to stave off a government shutdown.

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Funding for most programs will continue at fiscal 2010 enacted levels and extend the current GSE, FHA, and HECM reverse mortgages loan limits for high cost areas through FY 2011, according to the Senate Appropriations Committee.  In total, the measure would provide funding at a rate approximately $1.16 billion over the previous year’s level.

The CR also extends authorizations or allows for continuous normal operations through March 4 for certain programs that would otherwise expire or be severely disrupted.

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  • Admin,

    You provide a great service to our industry. Your articles are normally free of significant bias but here it springs forth.

    Until the seating of the 112th Congress, the Democrats under President Obama have thoroughly controlled the House. The Republicans only hold 41 seats out of 100 in the Senate. The President got his health plan when the Republicans had one less seat and his finance reform bill with the current situation in the Senate.

    So with the Republicans 10 seats short of majority in the Senate, please explain why the Republicans were the party stopping the budget. After all, the President introduced his budget into Congress in the first half of this year. He could not get a budget through Congress last year before October 1, 2009 despite having a super majority in the Senate.

    It is my belief that the reason why the President could not get his budgets through despite his party controlling both chambers of Congress has more to do with his budget than the meager representation of the party in opposition. Even the tax bill took the support of many Democrats. The Republicans were disappointingly ineffective at putting up much opposition to the President or his party at all during the 111th Congress.

    • Interesting take on the omnibus budget bill. I have heard that passing a bill in Congress is like herding cats. With the emphasis in the last election on over-spending with little or no visible results in depressed areas of the country, I can see where there would be “cats” on both sides of the aisle who were difficult to round up to quickly pass the budget bill. 2011 should be interesting, but will it be better or worse for our industry?

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