White House spokesperson Dana Perino made the following statement conveying President Bush's opposition to the Senate Foreclosure Prevention Act of 2008, which won a cloture vote in the Senate this afternoon, 92-6. Perino: The bill will likely do more harm than good by bailing out lenders and speculators, and passing on costs to other Americans who play by the rules and honor their mortgage debt obligations. Translation:The bill will likely do more harm than good -- untold harm; in fact, I won't tell you what harm, but we are talkin' govament intervention here, right? -- by bailing out lenders and speculators -- like my friends over at Bear, Stearns -- and passing on costs to other Americans who play by the rules and honor their mortgage debt obligations -- who will have to pay for the bill's big-ticket item: corporate welfare in the form of deficit-financed tax breaks to companies mostly uninvolved in any way in the housing sector or credit crunch (hey, maybe this ain't so bad a bill after all). Import: Little to none. At the end of the day, President Bush will come under enormous election-year pressure from the GOP to sign whatever housing crisis legislation passes Congress. If the President sticks to the Perino principles and issues a veto, he risks an override -- an embarrassment to most other presidents.