President Donald Trump cancelled his approval of a landmark bill aimed at lowering Americans’ housing costs just hours ahead of a planned signing ceremony at the US Capitol.
Both chambers of Congress had earlier approved the legislation in a rare bipartisan move, signalling how pressing the issue has become for American voters across the political divide.
Trump wrote on social media that he would not sign the bill until a separate bill on stringent voter ID requirements is passed. But unless the president vetoes the housing bill – or Congress adjourns – it could become law after ten days.
The bill, known as the 21st Century ROAD to Housing Act, has two key aims: reducing housing costs and increasing housing supply.
Asked about the bill during a meeting with Nato Secretary General Mark Rutte at the White House on Wednesday, Trump said helping housing costs was “all about the interest rate”.
Trump has consistently backed cutting interest rates in order to reduce the US government’s hefty borrowing costs. He argues it will make it easier for Americans to get mortgages and other loans but it also carries risks like, increased inflation, weakening US currency and creating market bubbles.
“Lower the interest rates, you can have all the housing you want,” he said. “I don’t want to hurt people that own houses. To these people, for the first time in their lives, they have valuable houses.”
Experts have described the stalled housing bill as the most comprehensive action from Congress on housing policy in the 21st century. It includes more than 40 provisions that target many housing-related issues.
But hours before he was expected to formalise its provisions into law, Trump posted on social media, saying: “Today’s Housing News Conference and Signing is hereby cancelled until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency.”