WASHINGTON (Reuters) - President George W. Bush on Wednesday dropped a threat to veto a housing rescue bill, clearing the way for measures meant to shore up the worst U.S. home market since the Great Depression.
A White House spokeswoman said Bush would sign the bill because it is needed promptly to address a housing and credit crisis, despite concerns about a provision that would provide grants to communities to buy and repair foreclosed homes.
"We do not believe we have time for a prolonged veto fight," spokeswoman Dana Perino said.