(CNN) - President Barack Obama on Saturday called on Congress to pass his recently announced housing plan, describing it as a key component to getting the American economy back on track.
"What this plan will do is help millions of responsible homeowners who make their payments every month, but who, until now, couldn't refinance because their home values kept dropping or they got wrapped up in too much red tape," Obama said in the White House weekly address.
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The plan would allow borrowers to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration, according to the U.S. Department of Housing and Urban Development.
With an estimated cost between $5 billion and $10 billion, Obama said he would pay for it by imposing a fee on large banks, a move unlikely to win favor with members of Congress who have previously shot down the notion of taxing banks.
House Speaker John Boehner cast doubt on the proposal, saying Wednesday that the plan would join a long line of ineffective programs.
"We've done this at least four times where there's some new government program to help homeowners who have trouble with their mortgages," Boehner said. "None of these programs have worked and I don't know why anyone would think that this next idea's going to work and all they've done is delay the clearing of the market. "
In the Republican weekly address, meanwhile, Rep. Pat Meehan of Pennsylvania spelled out other options to boost the economy.
He urged the Senate to pass two House bills-one that would extend the payroll tax cut and another that aims to improve energy and infrastructure. Both proposals have passed the House but would need to clear the Democratic-controlled Senate.
"Our economy faces serious challenges right now – gridlock in Washington doesn't have to be one of them," Meehan said. "The House is acting on good ideas, and with help from the president and Democrats in the Senate, we can get things done. The people we represent sent us here to find solutions and move the country forward – not further divide it."
Funny party of hell no, really and truly funny.
Now that the economy is improving and we need to thank the President for, oh I don't know, saving GM for one you are now giving us your wayward opinions and what you are now going to do.
Two years after the tea baggers and rethugs in congress ran on jobs, jobs, jobs but have done everything in your power to dethrone our sitting president and go against everything decent to make sure the vanishing middle class and the getting poorer poor, now you have a plan?
GET LOST!!! Obama/Biden 2012
It may help people finally get into the homes, but does not create employment. We need infrastructure in this nation. Nation can not and will not sustain sheer housing market, it does with MANUFACTURING. America needs that one. Obama2012.
Good republican ideas means an end to women's reproductive rights, an end to any assistance for the poor, acknowledging that republicans think life begins at orgasm, social security and medicare need to be cut, and tax cuts for the wealthy is the answer to job creation. We need to support President Obama.
First we have to change this congress , worst congress I ever seen
There is an error in this report. It is a Republican controled Senate. Here's the quote: "Both proposals have passed the House but would need to clear the Democratic-controlled Senate." The Senate is currently controled by Republicans, where the bill would definitely have trouble passing.
Obamas message, steal the money from the rich (meaning those who work, act responsibly and actually pay taxes) and give it to the drug addicts, welfare frauds and the corrupt union bosses. His message has not changed in year, just now he claims it comes from Jesus.
No mention though of the poison pills imbedded in the House bills. Typical
If republicans offered a bill . I suspect it has tax cuts for the rich.Here we go again,job creators.Aren't you republicans tired of hating this president.
Why are comments not allowed on the previous Ron Paul Article where he defended Romney?-strange.
how about a pipe line..yea that might get jobs in the mid west ...or less regulation...yea two ideas.. rats obama dont like pipe lines... and loves useless regulations...
Year the congress is working. I'll believe that one when i see it. Lets move this country forward Obama/Biden 2012
Boehner says it will be just another ineffective program. What he really means is that its just another program on a long list the GOP will say no to. They just dont get it & they dont get the fact the more they say no the better the chances Obama has of winning in November. Obama 2012
Clueless Obama in action once again. Going to pay for it by charging large banks fees? Who do you think ultimately pays these fees? THE CONSUMER!! Banks don't just eat these costs, they PASS THEM ON. After 3 years clueless Obama STILL has not figured out how businesses work or our economy works.
BTW, the federal government shouldn't be involved in BAILING out people with mortgage problems. NOT THEIR JOB!!!