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AUSTIN – Congressman Michael McCaul (R-TX 10) urged President Obama to veto the Omnibus bill that gained final passage in the Senate Tuesday night. The $410 billion Omnibus budget is supposed to fund the necessities of federal government for the remainder of FY’09, but it contains more than 8,500 earmarks, totaling $7.7 billion in irresponsible deficit spending.

AUSTIN – Congressman Michael McCaul (R-TX 10) voted against a housing and foreclosure bill that will extend help to irresponsible borrowers, but at the same time inject more uncertainty into the economy by contracting the credit market.

The bill would allow judges to lower the total amount of the loan, the payments and the interest that a borrower must pay a creditor. This practice, known as a "cramdown", would be allowed on principal residences. It is currently not allowed under Chapter 13 of the bankruptcy code.