HOUSING: New Foundation Needed

In an election-year splash of generosity, the Senate last week passed a $2.5 billion omnibus housing bill, about $1 billion bigger than the President requested. Piled atop the antirecession housing program enacted earlier this year, the new measure (which the House will probably trim a bit) brought the Senate's total 1958 housing appropriation to a dizzying $4.3 billion.

Federal housing programs have grown like suburbia in the quarter-century since Franklin Roosevelt proclaimed that "one-third of a nation [is] ill-housed." A structure so costly—taking in mortgage insurance, home-improvement loans, slum clearance, public housing,...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!