Trump abruptly cancels housing bill signing

• Key insight: President Trump canceled a White House ceremony to sign a housing bill passed by the House and Senate this week with broad bipartisan majorities. 
• Forward look: The bill passed with veto-proof majorities, but if the president neither signs nor vetoes the bill, it can languish indefinitely. 
• What's at stake: The bill has a number of community bank riders, including a pair of provisions on brokered deposits. 

WASHINGTON — President Donald Trump has canceled the signing of a major housing bill that passed through both the House and the Senate this week with overwhelming bipartisan support. 

Trump posted on social media that he is canceling the vote until Congress passes a package of voting reforms that has proven much more divisive, and that Republican leaders have insisted they do not have the votes to pass. Republicans have long sought some kind of voter ID legislation, while Democrats say that the bill will make it harder for minorities and women to vote. 

"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," Trump said in a post to Truth Social.

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The bill passed both the House and the Senate with veto-proof majorities, but simply delaying the signing of the bill would stymie the legislation indefinitely. That will likely prove frustrating for House Financial Service Committee and Senate Banking Committee leaders who've been negotiating for months to get a version they all agree to. 

The cancellation came as GOP leadership in the House stood up in a press conference touting the bill, which they say would cut red tape for local housing construction. 

The bill also includes a number of community bank riders, including a pair of brokered deposit bills and ones that would allow more small banks to qualify for a less rigorous oversight schedule, as well as a partial ban on institutional investors owning housing. 

This is a developing story. Please check back for updates.