(WASHINGTON) — President Bush and Congress have settled their differences on terrorist surveillance and Iraq war money. Now attention turns to a potential housing rescue, probably the last major initiative with any chance of passing before lawmakers scatter to campaign for re-election.

1． terrorist surveillance 对恐怖分子的监视
2． scatter to campaign for re-election 投身到重选活动中去。scatter原意是撒，这里引申就是把制定法律者撒向这个活动，也就是投身。

Bush has threatened a veto. But lawmakers in both parties say the housing legislation is a political imperative, and negotiators see the makings of a summertime bargain.

1． veto 否决 注意和vote的拼写差异。
2． a political imperative 政治要务。

For one, the measure contains elements that Bush long has demanded. They include modernizing the Depression-era Federal Housing Administration and creating a new regulator for the government-sponsored mortgage companies Fannie Mae and Freddie Mac.

Then there is the political reality for the president: Many Republicans are facing a darkening re-election outlook amid tough economic times and are reluctant to oppose a measure intended to address the crux of the financial crisis.

1．the crux of 很好的表达。XX的症结。

Sen. Richard C. Shelby of Alabama, the top Republican on the Senate Banking, Housing and Urban Committee, says he hopes Bush will reconsider his veto threat. Insiders said the tepid wording of the threat, combined with intense behind-the-scenes negotiating by Treasury Secretary Henry M. Paulson to reach a deal, suggest the White House may be doing just that. "The American people expect us to provide effective and timely solutions the best we can," Shelby said.

1． tepid wording 冷淡的措辞
2． Treasury Secretary 财政部长

Democratic Sen. Charles E. Schumer, head of his party's Senate campaign committee, said the veto threat was "weird and wild" in light of Bush's demands for specific proposals that are in the legislation.

1．in light of 鉴于……

But Schumer, D-N.Y., said Democrats would be more than happy to bash Republicans for the demise of the housing rescue. "This president is further and further removed from the economic realities of this nation. To veto this bill at a time when housing is at the nub of our economic crisis, at a time when housing prices are declining, at a time when foreclosures are increasing, makes no sense whatsoever," Schumer said.

1． demise 终结、中止。类似：terminal, cease
2． the nub of our economic crisis我们经济危机的焦点

The bill would allow the FHA to insure $300 billion in new loans so homeowners who cannot afford their house payments could refinance into cheaper, fixed-rate mortgages.

An important test vote comes Tuesday, with a final Senate vote expected soon after. That probably will open a new phase of talks to work out differences with the House in hopes of sending the bill to Bush in July.

1． a new phase of talks 新一阶段谈话
2． the House 就是 the House of Representatives众议院

The housing crisis has ensnared many borrowers who had questionable credit histories and who obtained risky subprime loans. Such loans have reset to higher rates and home values have plummeted.

1． ensnare v.使入圈套 住房危机使许多有不良信用历史和取得高风险次贷的借款者陷入圈套。
2． plummet v.垂直下降，直线下降 近义 tumble, slump等等

The housing plan is designed to respond to the crisis. Mortgage holders would have to agree to take a substantial loss on the original loans, bringing them more in line with the depressed value of the homes.

1．in line with 符合

Some Republicans, including House Minority Leader John A. Boehner of Ohio, say that approach amounts to a bailout for reckless homeowners who borrowed more than they could afford and for banks that exploited foolish consumers with too-good-to-be-true loans. "Don't have FHA set up to take the fall with the worst of the worst loans from lenders, some of whom may have been ones who really put us in the problem," said Sen. Kit Bond, R-Mo.

1．House Minority Leader众议院少数党领袖

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