The US House of Representatives on Wednesday approved a package of legislation designed to breathe fresh life into the ailing US housing market after the White House dropped its opposition to the bill as it sought to ensure quick passage of its rescue plan for Fannie Mae and Freddie Mac through Congress.

“This is not the time for a prolonged veto fight, al-though we’re confident that the president would prevail in one,” said Dana Perino, the White House spokeswoman. “But with Congress scheduled to leave soon for yet another recess, the risk of not having a bill until the middle of September is not a risk worth taking in the current environment.”