The White House budget office advised lawmakers not to push forward with a bill that would reduce funding levels for the Consumer Financial Protection Bureau and terminate the Home Affordable Modification Program.
Obama's budget team released an advisory, saying the White House is opposed to several sections of House Bill 2434, which attempts to establish 2012 funding levels for government financial agencies.
"If the President is presented with a bill that undermines either the Affordable Care Act or the Dodd-Frank Wall Street Reform and Consumer Protection Act through funding limits or other restrictions, or reverses current policies on Cuba, his senior advisers would recommend a veto," the Office of Management and Budget warned.
The President's budget team says the bill, in its current form, would kill HAMP, ending the program's ability to help struggling homeowners into loan modifications, while placing overly strict limits on the Consumer Financial Protection Bureau's budget.
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