(Read more on the debt and equity markets andmore on the multifamilymarket.)

WASHINGTON, DC-The areas of potential standoffs between theDemocratic-led Congress and President George Bush is spreading topotentially affect housing legislation. His latest veto threat isagainst H.R. 3074, the House appropriations bill for theDepartments of Transportation, and Housing and Urban Development.The $105.6-billion bill would provide funding for federal housingprograms, including $38.7 billion for HUD.

The rhetoric deployed by both sides is predictable: Among Bush'scomplaints about the bill are the more than 2,000 earmarks for,among other things, "museums, zoos, gardens, gymnasiums, and golfcourses, and diverts funds from such priority purposes as housing,low-income families, bridge repairs and highways." Also, accordingto a White House statement, H.R. 3074 does not adopt any of Bush'sproposed terminations or reductions in programs "that have beenshown to be ineffective or duplicative, which would have savednearly $3 billion."

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.