Magazine article American Banker

Republicans Demanding Cuts in Proposed Funding for RTC

Magazine article American Banker

Republicans Demanding Cuts in Proposed Funding for RTC

Article excerpt

WASHINGTON -- Republicans warned a House leadership panel that only a few GOP law makers will support funding for failed savings and loans, and urged support for amendments aimed at trimming the price tag of the legislation.

"You have 276 Democrats, and you're going to lose 70 o them," said Rep. Gerald Solomon, R-N.Y., during a hearing before the House Rules Committee. "You need Republicans."

The rules committee, an arm of the House leadership, took up the Clinton administration's $34 billion funding package Tuesday with the expectation that the measure could be cleared for floor action today.

Delay in Vote Expected

Even Tuesday, however, the leadership was reported to be nervous about the prospects for the bill, and some congressional sources said a floor vote would probably be delayed.

Tuesday afternoon, key members of the House Banking Committee held talks on controversial parts of the bill, including the size of the Resolution Trust Corp. and Savings Association Insurance Fund appropriations and minority contracting provisions.

Vote counts show about 190 Democrats supporting the measure, 28 short of a majority.

And Rep. Solomon, a member of the Rules Committee, said Tuesday that unless the House approves a Republican-sponsored amendment eliminating funding for the SAIF, no more than six Republicans will vote for the package.

Democrats responded that Congress has no choice but to pass the funding package.

"It's the only fiscally responsible thing to do," said Rep. …

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